Gold on a decline

Technical analysis: Even though the Price-action invalidated the Lower High’s (Hourly 4 chart’s) Ascending Triangle trendline, it failed to test the #3,200.80 benchmark / acting as an first Medium-term Support zone, so Technically Gold is is still near Lower High’s Lower zone extension, and if Price-action closes the session above #3,200.80 benchmark, Gold will be Targeting #3,300.80 benchmark / fractal on yet another Buying sequence. If however #3,200.80 - #3,192.80 first Short and Medium-term Support gets invalidated, then the Hourly 1 chart’s variance of #3,152.80 benchmar should be tested, in case of Bearish sequence below, Price-action will be calling for #3,100.80 final line of the defence and as discussed, possible Stabilization zone ahead of possible relief rally. Subsequently, previous Hourly 4 chart’s Support of #3,252.80 benchmark was firmly broken and current configuration pointed out to a new bigger proportion downtrend, where Fundamentals are confirming the as well the speculative downtrend in continuation.


My position: Gold found the Support almost delivering Double Bottom formation and market closing is on main stage. Either closing above #3,200.80 benchmark and #3,300.80 re-test or DX delivering Buying sequence in extension / in that case Gold eyes decline in continuation.