Sell active / Bullish Short-term bias negated

Technical analysis: Gold has made an important Bearish step towards full scale Hourly 4 chart’s slide as it almost tested the #1,982.80 pressure point. That makes Hourly 4 chart practically on Bearish side, well Supported at #1,980’s, which has held on multiple occasions in the past. Hourly 4 chart is under heavy pressure as said where Descending Channel on Hourly 4 chart has expanded giving me Selling signals that Gold may test #1,952.80 benchmark as DX is Trading on very Bullish formation which is able to test #103.300 Resistance zone applying subsequently heavy Selling pressure on Gold's Price-action. Gold was mainly correlated with Bond Yields during past few Month's since DX was on uptrend and broke all Resistances, and Gold was also soaring, delivering many peak's, however there is correlation shift as DX is my main correlation for now, so look for pointers there. Remember, when you are unsure of the Medium-term direction on Gold always look for clues on DX and Trade accordingly. Only when DX Trades on Weekly chart’s Lower High's Lower zone, I will be able to note with a Higher degree of certainty that the Bullish reversal (from current levels) on Gold is sustainable. Since #1,992.80 and #1,995.80 mini lines held as a Resistances, Gold should Naturally find more Short-term Sellers and Investors may use riskier instruments such as equities and Yields against Gold as a safe-haven, phenomenon which spiked up Gold's Price-action many times recently.


My position: As #2,000.80 benchmark is not recovered (due DX soaring miraculously), I am aiming for #1,952.80 barrier test in addition as now #1,900'a are back on my charts. Gold was unable to recover #2,000.80 benchmark and besides Hourly 4 chart being critically Oversold and pointing that Bottom should be form, some aspect made me sceptical regarding the Intra-day relief rally. Therefore, I have engaged Selling order (#1,989.80 entry point) looking to continue my winning run (#1,952.80 is my Optimal Target for the fractal).