My Target of #1,900.80 met / strong Support zone nearby

Technical analysis: Despite Friday’s session strong response to #1,952.80 psychological barrier attempt, Gold failed to maintain those High levels and was rejected near the Daily chart’s Resistance zone. Yet, it still found Support on the Daily chart’s bottom of the Higher High’s local Low’s zone, sequence which holds Bearish bias and had High potential to contain current Bullish Short-term recovery. Factors that enforced the Support break: #1) Bond Yields Bought back already made losses and still didn’t found the Resistance #2) recession fear is still on High levels / also Williams% has been Overbought for some time #3) DX is still main correlating asset (will remain as such throughout January - February) and it’s Volatility can wipe out Short-term Traders from from the market, as Gold always tends to remove retail Traders from the equation and then Price a major move (such as yesterday's session #1,933.80 Resistance test attempt). Unless Gold Trade sideways for at least #1 - #3 sessions, Daily chart Rectangle will always pressure for a test with the #1,900.80 psychological benchmark as an downwards variance, which was enough reason for me to pursue Lower Targets (Selling from the Top). Personally, as long as #1,917.80 firm Support was holding, Gold would be within inner layers of consolidation zone (as I was strongly preserving my Selling outlook on Gold). For the moment, only opportunity worth taking on a horizon was Selling near the #1,923.80 first Support. Gold continues to mimic DX movements which is still within Neutral Rectangle as I will approach with extreme care and I will only engage promising setups (firm Resistance / Support breaks backed by DX / Yields confirmation).


My position: My #1,900.80 Target (in the same manner representing psychological benchmark) was tested as expected, and now I am on sidelines awaiting new pattern to arise. I will not make any more moves until I have confirmation. If market closes below #1,900.80 benchmark (full candle closing), therefore, I will Sell Gold on spot and keep close track of DX (# +0.37) chart, as momentum can shift on Hourly basis regarding the currency sector. I was rest assured that Gold will touch #1,900.80 benchmark within this week’s borders, as Hourly 4 chart setting continues to be under critically Overbought levels, congratulations if you followed.