Sell order active / #1,952.80 Targeted

Technical analysis: Gold is still consolidating just below the #1,970’s local Top’s (Lower High’s trendline) but still above the Hourly 4 chart’s Support zone. #1,982.80 - #1,985.80 is an ultimate Top at the moment since, acting as an strong Resistance - rejected the Price-action on multiple occasions and offered market closing below it many times in a row now, not comforting Buyers early on. Gold is surely Bearish on Medium-term as #1,700.80 sequence is on the cards, but on the other hand - I cannot rule out the Short-term Fundamental correction visible at the moment (identical as on June #29) with current Top's s as an possible turning point, as it all depends on how DX fares into coming sessions. DX is still Trading above the former Medium-term Support zone hence Gold stays ranged still near the Top of the Bollinger Bands on Daily chart. This confirms my impression that Gold is more tied to the movements on DX at the moment, so I will Trade accordingly and take it into consideration. The slightest Bullish reversal on DX should practice Selling pressure on Gold.


My position: Following the #1,985.80 local High's rejection, the Price-action pulled back on a Daily chart's Engulfing Bearish candle, making an expected Bottom at #1,960.80 - #1,962.80. This doesn't alter my perspective and I am not concerned if I miss any potential upside correction leg towards #1,972.80 as the current levels are too Volatile even for Gold standards. Hourly 4 chart appears to be healthy Descending Channel taken from Double Top formations (Lower High's / Higher Low's) and a #1,952.80 - #1,962.80 Support base. I am not interested in engaging on additional Risk outside my (more comfortable) Short benchmarks (known from previous remarks). Therefore, Selling with #1,963.80 entry point sounded like a reasonable pick for me where I Sold Gold on spot Targeting #1,942.80 Selling extension.