#1,722.80 extension on the cards / Selling order engaged

Gold's general commentary: Gold has broken the Hourly 4 chart's Channel Up and altered the Intra-day gains on Gold. As Gold didn’t recovered the #1,778.80 Medium-term Resistance after decent eminent uptrend, Selling continuation is on the cards, with today's session #1,722.80 - #1,725.80 representing the Lower Low Upper Support zone which, if broken can continue the serious decline, otherwise Gold will continue with Neutral candles. Of course much is attributed to the ongoing #1.7 Trillion planned infrastructure spending whose late optimistic developments (deal hopes) are now pulling the Price-action back downwards (assisting downside aswell the ADP meeting the forecast). I have the next Support at #1,750.80 where the Price-action should meet the Higher Low zone (last time occurred on September #22) and continue the decline towards #1,722.80 again or less. Though the NFP impact was negative for DX (and Gold in turn positive), Bond Yields typically are on a Short-term uptrend. The key is what effect will current Fundamental environment have on the DX, which after #4 sessions on gains, is seen losing and (more importantly) throughout today’s session, on recovery candles, pushing Gold downwards. My Bearish Fundamental expectation is going favourably aswell from a Technical perspective too, as Gold is in Daily fluctuation since very own beginning of E.U. session around the Hourly 4 chart Support (#1,750.80 - #1,760.80 motion) and Resistance zone (#1,763.80 - #1,767.80 first Support). The longer it does though, the more negative it should be on the Short-term regarding Gold as the Resistance zone is limiting the uptrend and causing Bearish spikes on Gold. I am confident that Gold will break #1,722.80 Lower Low extension within #5 sessions time.


Technical analysis: The current Hourly 4 candle is already too Bearish to deliver continuation of Intra-day Buying sentiment and with Hourly 1 chart’s switch from Neutral to Bearish on Short-term, Price-action limited the uptrend (even though Gold should be Higher, relative to circumstances and debacle on NFP), as Investors may start taking Profits on their Buying orders and find value within the #1,740.80 - #1,750 again (confirms U.S. sessions decline on inflated Gold price). The key is the Hourly 1 chart’s Support zone priced at #1,745.80 - #1,750.80 which rejected the Price-action twice (current Month) and has already done so throughout this week. This is the key and if that configuration breaks, Short-term Sellers should take it to #1,727.80 and #1,722.80 impulse barrier in extension. Otherwise, the #1,767.80 Resistance should be re-tested for a potential Double Top as in late September. The DX though got rejected on it’s Hourly 4 Resistance and it is due to the strong Bond Yields market that Gold isn't near #1,778.80 already, and it became obvious that market speculators were manually preventing the meltdown I have been mentioning, knowing that NFP will revive Buyers as in late July. I have managed to alter my Selling order with less than #6 points against me, as soon as I spotted NFP numbers, I have closed my Selling order on time.


My position: I have engaged my Selling order at current market price (#1,755.80 variance) and my Target is #1,722.80 (first Lower Low extension). If #1,745.80 breaks however, it will can deliver #1,727.80 Intra-day, while rejection there, I will close my order which will be in decent Profit by then. Gold faces strong set of Resistance lines within #1,760.80 - #1,770.80 belt, which, according to my formula, won't be invalidated within this Trading week.

Trade closed manually:

I have closed the Selling order on breakeven due the Support rejection. Will re-engage if #1,750.80 breaks.