Sell order engaged / #2,252.80 TargetTechnical analysis: My mid-Week Target has been met as NFP improved DX sentiment and decreased safe-haven tone of Gold as Price-action strongly decreased all Hourly 4 chart’s Buying momentum near the Hourly 4 chart’s Resistance zone of #2,382.80 - #2,392.80. It is indeed bad news for Gold’s Buyers since #2,400.80 benchmark wasn't recovered and remained most viable Target for Buyers - in this kind of announcement, market speculators would surely push Gold upwards (according to the fractal) shortly with potential Higher High’s peak and later on deliver aggressive decline. If market closes above #2,318.80 local peak, Gold may find Buyers and extend the recovery towards #2,327.80 - #2,332.80 Resistance cluster. The Volatility is still High however and Gold may look to set a new Support zone first (my rough estimate is around #2,282.80 - #2,292.80) before hitting #2,252.80 benchmark. The Long-term trend remains Bearish (as long as #2,400.80 on Daily chart is preserved / September #2 fractal similarities), but with Daily chart red on all of it’s periods, Gold has to make steeper fall and strong consolidation once Lower High’s peak is tested. Notice how, as discussed on previous reports, the Bond Yields broke it’s Daily chart’s Resistance zone which was much needed for Gold in order to invalidate strong Support, current fractal worked well against Gold’s Buyers which were hoping for correction (Buying every Low’s), but as I already announced, Gold will not deliver non-stop uptrend anymore. Regarding both Hourly 4 and Daily chart, this is an undisputed Bearish trend and #2,400.80 benchmark extension test dangers are now out of equation since Daily chart is pointing to #2,252.80 psychological benchmark test.
My position: Since there is only #2,278.80 - #2,282.80 Support between current Price-action and #2,252.80 benchmark and as Bear cycle just started, I have engaged my Selling order with #2,308.80 entry point (optimal Target remains #2,252.80 benchmark).