Sell order engaged / Critical session ahead

Gold's general commentary: As expected, yesterday's session Daily candle closed below the #1,882.80 Resistance, widely above both of the Daily chart’s MA’s, turning flat for the session (isolated within Ascending Channel). That is a strong indication that the market is attempting to Price the Top there (temporary or not), which just so happens to be a Higher High’s Upper zone within Daily chart’s Ascending Channel. It is no surprise that today's Hourly 4 chart’s candle is attempting to engage Bearish sequence so far and since its on Bearish Technicals (invalidated Ascending Channel), I consider it the most optimal Selling entry for a Short-term takedown back towards #1,852.80 Support (representing last week’s Low’s). Keep in mind that Gold’s Price-action is under strong Buying pressure since DX was losing with every Hourly candle, and emerging Death Cross on Daily chart is adding credence to Gold’s Buyers which might be a messenger of multi-Month Selling cycle on DX. However, don't be surprised if the market turns flat ahead of market closing. Even though DX maintained Selling momentum and continued the Trading on disappointing numbers, Gold should be considerably Higher, but isn’t indicating that #1,882.80 - #1,885.80 should be Weekly Top’s and Price-action should be pointing to downwards trajectory. I will keep implementing strict Risk management.


Technical analysis: As the Price-action reached the critical session of the week and to a lesser extent Bond Yields movements, the instrument that mostly affect Gold (DX) seem to have a Bullish effect on it. Bond Yields (# +0.95%) are Trading on spiral downtrend, way below its Daily chart’s Resistance (Bearish Gap fill is still not filled) for the first time since January #4, while the DX (even though announcement meeting the forecast) remains near Lower Low’s extension (on a possible Dead Cat bounce) which is a mix which is keeping Gold on such High levels. According my Technicals, Gold is Trading on pure Buying gradient and healthy Bullish Technicals, however I still do believe that market should first test Support zone, then continue Trading under Buying pressure, testing #1,900.80 psychological benchmark until end of the January. On the other side, Daily chart’s Support cluster of #1,852.80 - #1,862.80 rejected additional losses and bounced back the Price-action towards Bullish levels once again. Under such Bullish market setting, best option is to Sell every Top that Gold delivers, and then Buy towards Upper pressure point (Medium-term).


My position: I have closed my yesterday's session Selling order on breakeven values due Intra-day slide on DX. I have engaged additional Selling order (#1,877.80 as an entry point) with very tight Risk management, aiming #1,862.80 or #1,852.80 Support zones in extension, where I do plan to Buy Gold towards #1,900.80 psychological benchmark. If market closes the session above #1,882.80 Resistance, Selling correction is invalidated and I will re-Buy near early E.U. session.