Gold on Short-term crossroads

Technical analysis: Gold is under unprecedented Volatility on current session with Gold and the Futures price on a tight spread. This is of course the product of heavy speculation in the Metals market, fuelled by the expectation that the Fed’s new talks and stances. Regardless, this environment is not Gold friendly. I saw current Intra-day recovery on Friday's session as not sustainable and as today's U.S. session is approaching, I can have a different outlook with values that may trigger my additional Selling orders. I can't approach this situation Fundamentally but I do expect a pullback back towards #1,918.80 again, as the main Resistance and Higher Low’s Lower zone is Resisting nicely current Bullish motion. Hourly 4 chart’s Neutral Rectangle is invalidated but printed a fakeout as Price-action will most likely close the session below the first Resistance. Despite Bond Yields stabilization, the continuous Low’s on DX and of course the parabolic rise on Usd-Jpy (near Double Bottom), Gold hasn't made a new local peak yet (on the aftermath much expected #3rd Low’s extension) making me believe that the underlying trend remains Bearish and Price-action can start losing with every Hourly candle any minute early on. Further argument for the sequence is that the Weekly chart (#1W) is defending the bounce it made on Friday near the Weekly chart’s Resistance. My advice for Short-term Traders is to Sell Gold on tight stops whenever you see pullbacks on DX (which is the case for now) - Selling every High strategy - keeping in mind that the Support on the Hourly 4 chart was always tested after every High since the start of early May's fractal. Unless #1,942.80 configuration is compromised (market closing above), it will provide me with a steady Selling opportunity on which case may see #1,900.80 benchmark break and #1,882.80 (ultimate Bottom and demand zone, former Annual Resistance zone) in extension. It is important to note that DX’s full scale decline of more than # -1.00% was totally ignored by Gold. This explains how unstable Gold’s Intra-day basis has become and how cautious Traders should position themselves accordingly.



My position: My Selling order which was engaged on #1,917.80 triggered the #1,927.80 Stop-loss however I have engaged new Selling order on #1,931.80 (throughout last Friday's session) which I will keep in order of testing and breaking first Support for the fractal which will confirm once again the fair downside.