Intra-day Bullish spikes on Gold / Engaged Selling order

Gold's general commentary: The Price-action is ranged to it’s maximum as my Lower limit projection is still intact (#1,750.80 extension). As discussed, Gold is ranged within Higher Low’s and Lower High’s. At the moment, Gold is Buying every Low and Selling every High sequence (classic Investment banks strategy) and should now respect Selling phase ahead. Once more Bond Yields were being utilized as a safe-haven as the equity markets and DX suffered significant losses and capital is taken away from DX into riskier assets. It is important to note that Building Permits reading was fell to Lowest since October #2020 Year, missing the estimates by large number, which spiked DX downwards, where Gold instantly reacted with Buying pressure. However as before, I am making use of the DX as my key correlating asset to suggest the underlying trend for Gold, which remains Bearish on Short-term (side Swings on DX causes Bullish rallies on Gold), as DX made a solid Technical Higher Low today and rebounded strongly, assisted aswell by Fundamental announcements. I expect today’s session Wall Street opening to just maintain Selling momentum, so that by Friday (my yesterday’s session commentary #5 sessions limit projection), Gold can return to at least #1,761.80. I am still assured that Gold is Bearish on the Medium-term. No strategy shift so far needed. Weekly chart is still Selling on most MA’s. Despite the decline on DX and Usd-Jpy (Bought the dip and (regarding yesterday's session) was seen Trading at # -0.04%) mentioned negative Gap and instant recovery (DX was still Trading with negative candles merely on # -0.27%), Gold has managed to consolidate the gains throughout U.S. session and enter the #1,770’s Hourly 4 first Resistance zone. This is the Bullish extension of the Lower High sequence within the Daily chart’s Descending Channel.


Technical analysis: It is important to note that #1,800.80 benchmark wasn’t broken throughout second recovery attempt and rejected the Price-action Intra-day (similar to previous Buying sequence), limiting the uptrend since late September fractal. The Hourly 4 chart is approaching Bearish RSI levels for the first time in #3 Weeks, which indicates Bearish pullback and Selling sustainability on the Short-term, once the DX enters stabilization zone. In my opinion #1,750.80 is the first extension and my plan is to wait for Bear semi-pullback and Sell as Higher as I can towards #1,740’s, as better Selling opportunity lies near that Price-action. If however #1,792.80 Resistance cluster breaks firstly, my Short-term outlook is invalidated as I will be expecting new Buying accumulation towards #1,800.80 psychological barrier, but that scenario remains less possible at the moment. I am still assured that Gold is Bearish on Medium-term also with evident Descending Channels formation on bigger charts. If I had to take a guess about today’s session, personally I expect more Bearish action as U.S. opening Bell approaches (if DX continues the Hourly 1 chart's recovery). Candle closing below #1,772.80 constitutes Bearish bias on the aftermath.


My position: Gold is once again product of High speculation (entered currently speculation mode and Trading within it for more than #15 session horizon), where no firm rules apply, nor or Technical, aswell on Fundamental side. However, traditionally, Gold Traders witnessed such periods and bright side is, that they appear and got altered at the very own desired time (not lasting for so long), where fair Technical trend appears and Gold once again becomes rational. As Gold's recovery is strongly limited, I engaged Selling order on #1,779.80 extension, calling for #1,761.80 Selling extension. I will keep operating with my Selling order, unless #1) DX gets rejected and alter the Hourly 1 recovery, #2) I will add no huge Stop-losses, as my first priority is to protect my capital throughout these Volatile times. In both cases, as soon as I spot Bullish Intra-day continuation, I will alter my order instantly.