My #2,300.80 Target getting closerTechnical analysis: According to my Technical expectations, Price-action was not able to close back above the #2,332.80 Resistance and it was Natural to expect prolonged weakness. DX on the other hand reacted positively to Powell’s testimony (# +0.10%) which limited Gold from further recovery (as well as invalidating the Neutral Rectangle to the downside) and almost erased all recent Short-term gains. However, the underlying trend (Bearish) can be confirmed in the visible fact that Gold did not react as proportionally as it should to the rise of the DX (sequence last seen on June #15).
Fundamental analysis: DX may find support within #104.400 - #104.500 zone creating a potential Double Bottom. If this happens, my Short-term Target of #2,300.80 benchmark can be reached within #1 to #3 session horizon. Gold's Short-term gains are hindered by the both MA's as Hourly 4 chart successfully invalidated Neutral Rectangle as well #2,332.80 Support directly above current Price-action despite the formation of a Hammer candle on the Daily chart.
My position: The Short-term direction is of course Bearish (toward the psychological level of #2,300.80 as I announced #2,300.80 test weeks ago), and Death Cross on Hourly 4 chart is seemingly reproducing and would require for Selling sequence to be sustainable. That alone could put the #2,252.80 benchmark level on the map as a viable Target for Sellers. My set of Selling orders is running from #2,340's with #2,300.80 as first Target for the fractal.