Buying bias very limited / #1,900.80 is on Sellers aim

Gold's general commentary: Gold capitalized throughout yesterday's U.S. session candlestick pattern on Daily chart as miraculous recovery on U.S. Bond Yields (# +1.27% notably) still adding huge Selling pressure on Gold regarding Hourly scale. DX is falling however on row of firm red engulfing candles (# -1.08%) as the Fed aftermath candles (after the rate change which was unchanged for #3 Years) was positive-wise for Bond Yields on more than last #3 occasions. Bond Yields are Trading above the Resistance and continuation there might spike down Gold’s Short-term and such pace should practice strong Selling pressure and heavily pressure Gold. As discussed before, this is the Natural consolidation process after an Oversold run, limited to #1,952.80 configuration (strong Resistance fractal). I doubt the further upswing since Bond Yields (main market at the moment) is Trading above the Resistance zone.


Technical analysis: On the current configuration and main correlating asset on the eminent uptrend, aggressive decline and Selling continuation should come as no Technical surprise. Important fractal took place on last August (where I spotted many similarities), where Price-action broken the Bollinger bands on (August #7, #13, #26) and always retraced as personally, my estimations show that Price-action should continue Trading below the Hourly 4 chart’s Bollinger Bands. Also what is worth noting is that Hourly 1 chart could print the Overbought rejection with Hourly 4 chart's possible Head and Shoulders formation, both giving Selling signals on Gold. It should be no surprise that Gold is Trading above its #1,927.80 Support zone (with Bond Yields invalidating the uptrend) ahead of the upcoming session, however post Fed candles always have Bearish gradient (last #3 Fed reports, on the aftermath, Volatility kicks in with Bearish gradient, which makes #3 out of #3 times), however this time Powell delivered dovish surprise, adding credence to Buyers. Gold is still below the Daily chart’s Resistance zone but as I stated, the upside potential remains less possible. All previous Fundamentally Bullish developments didn’t invalidated Gold’s underlying Bearish trend. If the Lower High’s zone breaks once again however, I will be looking at the very real possibility of a new #1,900.80 test, and by my estimation, chances are slim for that outlook to develop. Gold had certain upswing, but it always respects the underlying trend (which is Bearish) - In other words; or choose Scalping range, or engage Short-term Position (which I will do).


My position: I closed my Selling order (#1,919.80 - #1,900.80) with excellent Profits throughout the yesterday's session, ready to re-Sell Gold (as I knew personally that Fed has to change the rate) if Powell delivered expected hawkish stance, but on my surprise, dovish stance followed and revived Gold's Short-term Buyers. That was fine by me since my Target was already hit on Intra-day Selling sequence. I will take no part in current recovery process as I am not interested in Buying Gold on both Short and Medium-term. I will await #1,927.80 Support test and break to continue Selling Gold towards #1,882.80 Higher Low's fractal.