Keeping my Selling order / Gold under strong Selling pressure

Gold's general commentary: Gold is approaching January #16 session High's, which is Trading near #1,822.80 with the December #21 High's of #1,792.80 my main point of interest. Needles to mention, with current Fundamental developments, Gold should be considerably Lower. Hourly 4 chart has been on Lower High's since mid-last week and a breakout of #1,805.80 - #1,808.80 levels forms an Descending Channel, which may constantly apply Selling pressure on Gold aswell. DX touched #95.70 again, forming a very Bearish Technical outlook for Gold. Keep in mind that on a Monthly basis, Gold is still on #2 straight Bullish Month's in general, however there is still enough time even for the current Monthly candle to close with losses. With this week's macro-economic news releases (standing out as potential catalysts), I expect Gold to start devalue its Inflated prices due to this week's Bond Yields recovery and global geopolitical threats. My first Short-term Target is #1,792.80 variance, with my Medium-term Selling projection also intact. Remember, as long as Bond Yields are on current High's, Gold's recovery will be strongly limited.


Technical analysis: Full scale recovery observed on U.S. Bond Yields (#2-Year High’s) surely improved market sentiment, subsequently weighing on traditional reaction of the market using Gold as a safe-haven. Up # +5.47% for the session in the shape of a near-full-bodied Daily Bullish candle (Bond Yields), Gold’s Hourly 4 chart is determined to challenge #1,800.80 psychological barrier, but #1,808.80 (near of the Daily chart’s #MA’s) is showing strong durability. Another point worth taking on board here is the Williams% indicator seen testing Overbought waters on all charts (many similarities with February #2014 fractal), and with DX on excellent recovery and Bond Yields Trading on #2-Year High’s, current Fundamental and Technical developments (which should practice enormous Selling pressure on Gold) seem not to be enough reason for Gold to test Lower values. Note aswell that on the Daily chart, Support cluster is also visible and if broken will surely point out to a Lower levels. Side Swings that Traders are witnessing right now are ideal for Scalpers but can also liquidate Traders who don't analyze the charts correctly. I advised earlier to approach the market with extra caution. With all current developments taken into consideration, Gold should already Trade below #1,800.80 psychological barrier (testing even #1,792.80 or below would be fair estimate). It was difficult to explain why yesterday’s session Bullish spike occurred, while both correlating assets should work in Seller’s favour. Last #4 out of #4 times DX engaged the aggressive Intra-day decline, Gold followed with #20 + point Buying spree, while yesterday’s session recovery (followed by strength on Yields) was ignored by Gold to a great extent. My estimations are showing that current random variance should be altered and Gold should test #1,800.80 within #2 sessions.


My position: As Gold touched #1,806.80 throughout yesterday's session, I have moved my Stop-loss on breakeven (entry point), and practically had risk-free Trade. However, Gold printed weird Bullish spike which hit my breakeven Stop-loss. I knew that with strong Yields, Sellers will have another chance for Selling sequence, as I re-Sold current Price-action with #1,814.80 as an entry point (which I kept over-night). I will keep my Selling order, and with break of #1,805.80 configuration, #1,792.80 variance would be inevitable (surely to be tested). There is no viable Technical or Fundamental factor for Gold to continue the recovery candles towards #1,825.80 Resistance. I will move my Stop-loss on breakeven if Gold breaks #1,808.80 or less.