#1,778.80 point represents excellent Selling entry on Gold

Gold's general commentary: Possible Dark Cloud Cover Bearish candlestick near the Hourly 4 chart’s Resistance cluster #1,792.80 - #1,795.80 seems to be developing and represent fine Technical Selling signal / opportunity ahead, as Bond Yields remarks the Fundamental main correlating asset (along with the Inflation non-transitory and new virus variant outbreak) as I expect aggressive Bearish scenario early on throughout today’s U.S. session. Due to the elevated Volatility on Hourly 1 chart and the upcoming Resistance zone on Hourly 4 chart (rejecting the Price-action on more than #6 occasions), I will not engage positions until I have clear Resistance rejection (without comfortable Risk/Reward ratio) and will await for next Bearish leg (I will engage near #1,780.80 - #1,778.80 values on Gold). Daily chart advocates that after the #1,792.80 - #1,795.80 is breached, then #1,812.80 should be the next Technical stop (really slim chances). This is because I can't speculate if April’s Bottom will break (since it was achieved under the #2nd Highest Volumes #421.74K of the last #14 Months). The other reason why my partial Profit taking is postponed is the undesirable Volatility that is expected due to the new virus variant outbreak which Highly affects DX (correcting yesterday's session gains) and Bond Yields Trading above the Resistance zone.


Technical analysis: Strong rejection of the current Hourly 4 chart’s Bullish candle sequence near #1,792.80 Resistance cluster (#7th rejection so far), as the #1,778.80 first Support zone should be tested again. All Hourly charts turned Neutral again, and if #1,778.80 breaks again I expect an aggressive takedown within the below the Neutral belt on Hourly 4 chart, near my #1,759.80 Target. Note that this Volatility is related to the turbulence on the DX, and Bond Yields Trading on Fed’s minutes news aftermath (which by the book should be Bearish for Gold) as they didn’t withstood strong hits. The DX continues to correct the losses, the Bond Yields are comfortably Trading above the Short-term Resistance, so Technically Gold remains Bearish unless Price-action breaks and closes the session back above the #1,792.80 - #1,795.80 Resistance cluster (less likely). The Daily chart’s Neutral Rectangle is within Lower High’s and Higher Low’s I've been mentioning the last couple of sessions, turning slowly Overbought in the process, and is the clash of which side will break first. Technically, this may represent and deliver a fine Selling opportunity towards the #1,766.80 - #1,759.80 zone. However it all really depends on how the Bond Yields and DX Trade coming into today’s and final (Friday’s) session of this Trading week. Bond Yields was lately at their Lowest since November #2, and coupled with yesterday’s strong Sell-off on DX, Investors may be relocating capital to riskier assets, evading Gold which may strongly limit the eminent uptrend. I may potentially see the Top of this parabolic #5 session Buying spree run near Resistance cluster (as I have been mentioning since the start of the Month, it resembles the June - August #2019 fractal). If #1,759.80 breaks, Gold will test #1,727.80 and #1,678.80 (#3rd Lower Low extension) in succession.


My position: As discussed above, I have no interests in Buying Gold on both Short and Medium-term. I will Sell Gold on spot if #1,778.80 breaks, Targeting #1,766.80 firstly. If #1,766.80 breaks, I will move my Stop-loss in Profits (regarding original position), and add another set of Selling orders, pursuing #1,759.80 in extension with both sets of orders.