Gold extends the Selling action / Selling order activated

Gold's general commentary: Gold’s Price-action remains performing well below both the Hourly 4 chart’s but above Daily chart’s #MA50, and Daily chart’s #MA50 is my new Support zone. The Selling direction of today’s session is directly correlated with the uptrend on both correlating assets (DX found Buyers near the Intra-day Support and most likely it will close the Trading week in green, while Bond Yields are Trading on fine Bullish Gap fill within healthy Ascending Channel) where I am expecting further Gold’s decline under these market conditions. As discussed, Daily chart’s candle close below #1,978.80 constitutes Selling sequence ahead (in continuation) where I was ready to re-Sell Gold awaiting the breakout confirmation, followed with #1,952.80 psychological barrier test (Gold is currently Trading considerably Lower, indicating heavy pressure it is under). If the Price-action gets rejected at #1,942.80, then recovery pullback towards #1,952.80 and even #1,960.80 Lower High’s peak (under conditions where I will have more information with today’s session candle) is possible and cannot be ruled out. For now, with Daily chart still in Bearish territory and the DX at its Highest since April #6, #2020, I remain Bearish on both Gold’s Short and Medium-term. Notice that at the same time and manner, Bond Yields are on consecutive Buying spree aswell which Fundamentally has a negative correlation with Gold. The slightest uptrend continuation there, should add enormous Selling pressure on Gold.


Technical analysis: Monday's U.S. session opening Bell offered the rebound near #2,000.80 psychological barrier which was quickly Sold back below Daily chart’s Resistance zone, pointing towards yesterday’s session Engulfing Bearish candle, visible on Hourly 4 chart. Price-action remains below the April’s cyclical Neutral Rectangle and the next Lower High’s Upper zone is seen Trading within #1,942.80 - #1,952.80 belt, according to my formula, widely able to replicate the March #10 - March #15 Selling sequence where Gold dipped on more than #90 points variable. #1,948.80 and #1,942.80 are my Short-term Targets, which sits Technically well right below the #1,952.90 (will be then) symmetrical Resistance. On the Medium-term, if #1,952.80 breaks and closes one Daily chart’s candle below the configuration, I expect #1,930.80 and #1,917.80 (former multi-Month’s High’s) in extension, assuming the DX continues to Trade without heavy pressure (remember that DX has a negative correlation with Gold). In my opinion, correlating assets are holding the key. DX has been Bullish since February #23 and has been within Lower High’s and Higher High’s since March #30 (perfectly formed Bullish Flag). If it resumes this Medium-term Bull trend, Gold should easily test #1,917.80 extension, or even Lower but I will keep monitoring the market day by day alongside Bearish Technicals.


My position: As I am expecting Gold to remain heavily pressured, I engaged my Selling order with #1,943.80 as an entry point, Targeting #1,917.80 firstly, then #1,900.80 psychological barrier in extension. I am having great odds to continue my Profits streak to #6 in a row with current piercing Selling order.