Sell order engaged / #2,400.80 break Targeted

Fundamental analysis: Gold continued with relief rally as it didn't had intention to stop as Bottom was formed on #2,400.80 benchmark and Naturally #2,452.80 benchmark was tested. However regarding Traders willing to Buy Gold, this is very unpredictable market at the moment as Price-action can invalidate #2,452.80 benchmark easily and continue rising, or can momentarily deflate #30 - #50 points downwards (which was the case throughout yesterday's session). Gold remains top tier safe-haven asset at the moment and prolonged weakness on DX isn’t going in Sellers favor as #2,452.80 benchmark test sequence (Gold tests record High’s on Monthly basis) was quiet straightforward, where break of mentioned level had #2,500.80 psychological benchmark as an Buying Target to pursue (slim chances at the moment). Gold didn’t appeared as underpriced since by my estimations, this is far from Gold’s fair Technical values however ahead could be the first Month lately to close in losses. Downwards dynamics should start pressuring smaller charts and current area should be Traded / Sold between #2,430.80 - #2,452.80 (what I did).


Technical analysis: Gold delivered an #2,452.80 High’s test however rebounded on a Hourly 4 chart’s Bearish Hammer candle sequence towards Supporting MA period. Essentially the Price-action was consolidating on Hourly 4 chart inside a slowly developing Descending Channel (as long as Gold don't cross #2,452.80 benchmark and closes the market above, I remain Bearish on Short-term). #Q2 is purely based on the larger timeframes as previously described. There are no further developments so no additional Fundamental input from my side as Gold is seen currently on moderate decline.


My position: I have engaged Selling order with #2,436.80 entry point (optimal Target remains #2,400.80 psychological benchmark). My Selling order is running in decent Profit and will re-Sell Gold when / if #2,400.80 benchmark fails to hold.