Engaging my Selling order / #1,748.80 on the cards

Gold's general outlook: With evident debacle on U.S. Fundamental forecasts, Price-action is found consolidating as expected on E.U. session opening, almost activating my #1,748.80 deep Selling order once again. This Technical setup most likely gives me a hint that Gold is on the verge of new Bearish multi-Month cycle as my estimations are showing that it will be worse than every crisis in the past #100 Years. Gold, with all Bearish signs should be gradually losing with every Daily candle. #2021. is projected to be Bull Year for Bond Yields (even though that Fed was keeping Yield near Lower Low levels for more than #9 Months), and DX should reverse and engage a Buy-off (remember that every Bullish rally DX had was overturned in aggressive Selling potential on Gold) - all those events will practice Selling pressure on Gold. Bond Yields for now lost full correlation with Gold as I expect September to be again Month of traditional Gold - DX correlation. #1,778.80 was crucial Support Hourly 4 basis as chances are really slim for Resistance of #1,806.80 to be tested again (only #12.91%). The Price will most likely re-enter the High Volatility belt (#22 March - #11 April and #19 - #27 June). On the Short-term, I may have correction of current losses towards #1,800.80 barrier, on a first Hourly 4 Bullish candle this week, I haven’t got a reason to revise my mid-term overview. Gold shows no apparent signs (besides all Bearish pointers) of stopping it’s Bearish direction. If you have followed my signals and read it with understanding you can see that I am heavily on the Selling side (which should be by all Technical indicators), and my view has not changed since the last few sessions (remember my chart of #1,833.80 test and steep rejection projected on the aftermath).


Fundamental analysis: Gold should continue to lose value with every Weekly candle, as Buyers intent is not that strong. Weekly chart is on a strong Support levels and if those got invalidated, I will be looking to complete and follow full oscillation towards #1,750.80 psychological barrier, even below. It should be no surprise that Gold is Trading around its #1,790’s pivot ahead of the upcoming Fundamental events. Gold is still priced just above the Daily chart Support zone and the upside potential seems strongly limited and less possible. In next few sessions I expect Full Bearish domination. Regarding today’s session, I cannot rule out #8 Hour correction within inner layers of #1,786.80 - #1,796.80, as Yields are near Lower High configuration and DX correcting last week’s losses.


Technical analysis: The current set-up on the Daily chart is still a solid Channel Down with the #1,800.80 - #1,806.80 Resistance zone rejecting the uptrend and well Resisting the Buying pressure from Fundamental news and correlating assets. Right now the Price-action is near the Higher Low trendline of the pattern, so it is Natural to expect a pullback to the Support of #1,786.80 if Resistance isn’t invalidated, before the trend resumes and decide where to next. However, Friday’s session Wall Street opening Bell brought heavy Volatility (ECB missing the estimate) to the table, so it is best for me to keep operating with already projected model which I have since any rise to the upper Higher Low zone is Sold back since September #3. I will add more Selling orders on the #1,784.80 configuration break, near the #1,778.80 strong Support zone. Bearish leg should be Targeting, typically #1,778.80 first Higher Low fractal if #1,786.80 breaks. Needless to mention, Gold would be significantly lower if Fundamental news didn’t distorted Technical trend. I am expecting #63 point decline within #5 sessions.


My position: Even though #1,786.80 zone is still Supporting the uptrend / further consolidation, I engaged my Selling order on #1,791.80 point, which is a bit too early, according to the Technicals. However, as Buying is strongly limited, it is the most viable Trade I can take at the moment. If #1,786.80 configuration breaks within today's session, I will keep my Selling order. If my order does not show results, I may close my order due small Volume throughout the session and try my luck early on throughout tomorrow's early E.U. session. However, I am not interested in Buying regarding Short-term as Gold eyes #1,748.80 Lower Low extension.