Technical analysis: Gold displays very Bullish configuration which is Buying every dip and delivering aggressive spikes to the upside on Daily basis. This is sideways on a #1-Hour basis or at least the equilibrium between the Spot price (Xau-Usd) and Futures (GC) is regained, which as I have been mentioning, is the catalyst for the next move along with Gold's Technicals (lately correlating assets are irrelevant). If the current Hourly 4 chart's candle turns red though, Gold will remain Neutral-to-Bearish on #1 - #2 session base with #2,400.80 psychological benchmark as an Upper limit. Again, the disproportional rise of Gold throughout yesterday’s session against the continuous High's on DX should tell a lot about Gold's underlying trend and why Gold is on non-stop Bullish trend which is Trading without a viable Top's. Again, the first test on the Resistance is so far unsuccessful as Short-term Buyers seem to withdraw from the market, awaiting for confirmation by the Wall Street opening Bell today. The Hourly 4 chart is turning Neutral and as a result Gold may be going towards Lower ground, as it is well repeated cycle for almost #4 consecutive sessions now. However, if Gold breaks my Support and Neutral Rectangle which Gold respects (and is isolated within), that will be quick Selling response and a call for #2,352.80 benchmark and second Support test Higher High's / High's Low's extension, that’s why I am ready with my set of Selling orders to pursue lower Targets. Based on my cycle analysis and regression candle sequence, I do believe that Gold is ready for #50 - #100 point correction from #2,390.80 - #2,410.80 re-Sell point.
My position: I have engaged Selling order throughout yesterday's session on #2,384.80 which hit my #2,392.80 Stop, immediately engaged re-Sell order on #2,393.80 and closed the order on #2,380.80 re-test, recovering the loss instantly. Later on, I have engaged another #2,392.80 Selling order which I have closed on #2,382.80 (delivering decent #10-point Profit) and engaged #2,392.80 Selling order few moments ago which is currently running in Profit. I will keep re-Selling Gold on mentioned area towards #2,352.80 psychological benchmark (Selling every spike Gold delivers).