Keeping my Selling order / Bearish Short-term

Gold's general commentary: My Mid-week Support zone been met earlier than I expected as FED statement improved the DX and Hourly 4 chart push to the upside lost momentum below the Hourly 1 Resistance of #1,907.80. The Volatility is still High however and Gold may look to set a new Support zone first (my estimate #1,888.80 - #1,892.80) before hitting #1,871.80 Lower High extension. The Short-term trend remains Neutral (unless Support breaks) with Hourly 1 chart about to turn reddish on all of it’s indicators, still on the early stages of the new possible Selling run as it is just below the #1,900.80 psychological barrier (hence the current pullback). My Medium-term Target remains #1,700.80. Now I have chance to Profit on the possible correction the book decent Profits down from this Price-action with the wave that already began. Notice how, as explained on previous posts, the DX broke it’s Hourly 1 chart Resistance (Trading on Falling Wedge) on one try which was much needed for Gold in order to break psychological barrier. Small recovery on Yields also helped, limiting more upside action on Gold with recovery candles. My first Short-term Target is #1,871.80, as I see no reason why I shouldn’t continue to pursue it with my Selling order.


Technical analysis: Gold currently is still not on strongest Daily candle since January #5 and seems like #1,907.80 formed new Weekly Top. This means that Gold was already in strong Overbought waters (since May #4) and based on my estimations, I see no space for further Buying (Buying strongly limited). All I can spot is new decline as an answer on current aggressive Bullish spike. Despite Thursday’s strong response to #1,917.80, Gold failed to maintain those High levels and was rejected on one of the Hourly 4 chart Resistance. Yet, it still found Support on the Daily chart’s Higher High, which remains Neutral and had High potential to contain current Bullish pullback. Factors that may break the Support: #1) DX is on Falling Wedge able to convert in Channel Up #2) Bond Yields engaged miraculous recovery but still on Lower levels comparing to late April High’s. Also the Weekly chart has been Overbought for some time #3) Bond Yields are most important asset to monitor since they dictate Price or Gold (and they are fully Bullish at the moment). Unless Gold Trades at least sideways for #2 - #4 sessions, Hourly 4 chart will always pressure for a test with the #1,871.80 first Support, below #1,833.80 Lower Low extension as a final destination. Personally, as long as #1,917.80 Resistance holds, I will maintain my Target and preserve my Bearish outlook on Gold.


My position: I am currently operating with my Selling order engaged near #1,900.80 psychological barrier break to the downside (already in solid Profits) as I will keep it throughout today's session, being ready to utilize Bearish momentum if #1,892.80 Support breaks and Gold connects with #1,871.80 Daily chart Support. My Stop-loss is on breakeven (#1,901.80) and if got hit, it will just invalidate my order, without any losses to my side. If market closes above #1,900.80, most likely Gold will continue the Short-term uptrend early next week, however if market closes below, #1,871.80 should be next extension.