Selling order running in Profit / #5 Profits run almost achieved

As discussed throughout my yesterday's commentary: "My position: As discussed above, I have no interests in Buying Gold on both Short and Medium-term. I will Sell Gold on spot if #1,778.80 breaks, Targeting #1,766.80 firstly. If #1,766.80 breaks, I will move my Stop-loss in Profits (regarding original position), and add another set of Selling orders, pursuing #1,759.80 in extension with both sets of orders."


Gold's general commentary: Classic #1,780.80 - #1,790.80 Bollinger bands Trading session (Xau-Usd as always on my commentary) worked quite well throughout today’s session, as the Hourly 4 chart’s Support zone paused the downtrend on DX. Price-action continues to be under heavy Volatility in an attempt to find a Support and the Resistance. I see no alternative besides this range Intra-day. Above #1,792.80 is Bullish continuation, below #1,778.80 Support aggressive Selling sequence. The downside is significant (especially with emerging Death Cross) and can extend at least to #1,766.80 (symmetrical support from the January High) on the Short-term. If U.S. opening delivers Bearish spike near Support and DX breaks the Resistance (and Bond Yields continue with gains), I may see quiet a Bearish session as U.S. session approaches. By my estimations regarding Long-term, Gold is set for an Selling continuation. Personally, Gold could pierce the #1,700.80 psychological barrier within #30 sessions.


Technical analysis: The Hourly 1 chart’s Ascending Channel I mentioned is invalidated on the previous Hourly 4 chart’s candle towards Lower levels, as mentioned is Targeting the #1,766.80 Support and strong defensive line Supporting from below, Trading at #1,759.80 (holding from middle October). As long as #1,766.80 holds as an Support, Gold will Trade under Buying pressure (Buying every Low) before the next Bearish leg, but if #1,766.80 breaks, it should be an aggressive decline towards #1,750’s where the Price-action is expected to be in #5 session’s time. To be honest I am surprised that Gold was extending the consolidation, I expected that to take place after the revelation of the major move on most exchanges. But since the Bond Yields are on a Bullish candles and DX recovered all previous losses, Buying bias is postponed, but it is important to note that even though DX is Trading near the Resistance zone, Gold is not under strong Selling pressure (should be considerably Lower), near the Selling Short-term accumulation zone. This structure only confirms firm Selling bias on Gold (underlying Bearish trend), as I still haven’t got reason for strategy shift so far. If this is the eventual rejection (#1,792.80 - #1,795.80), then I can have a Sell-off once again back to #1,766.90 at least. The first level of Long-term Support though is, as mentioned above #1,759.80 (symmetrical from April #15), where the Hourly 4 chart’s fractal also happens to be. Fundamentally, Gold continues to track the Bond Yields movement ignoring the (minor but steady) uptrend on DX possible (Triple Top rejection). Statistic is there to Support my outlook - last Higher Low attempt and apparent rejection, Gold retraced more than #57 points afterwards, so same fractal could be the case shortly.


My position: Bottom line, my #1,778.80 entry (position) is still running and going in my favour as I had #2 options available. Close the order with #8 point Profit (#1,778.80 - #1,770.80), but the Profit wasn't so huge. Other option (which I have chosen) is to take the risk, move the Stop-loss on my entry and letting the position run on a practically risk-free Trade. I will await today's session CPI numbers, and if the number is greater than the current, I will keep my order all the way towards #1,760.80 Target extension. If the CPI is Lower than expected, I will close the order instantly and take the Profit no matter how big / small it will be. Keep in mind aswell that weekend break is near. I am having a decent chance to continue my consecutive Profits run to #5.