Selling order engaged / #2,352.80 Target

Technical analysis: Gold is approaching weekend break so no additional calculations can be added, especially since Price-action is about to deliver Double Top on Daily chart with an estimated Higher High’s Lower zone decimal below #2,350’s. This estimate is now aligned with the Bearish Technicals (even though Powell delivered dovish surprise) and Technical necessity for Lower High’s Upper zone extension. Gold is delivering many obstacles within #2,362.80 - #2,382.80 as there are many MA's and benchmarks to get invalidated until Daily chart turns Bearish again. Gold eventually honored the Fundamental side, however Technically, Gold is Trading on a Bearish multi-Month pattern. Typically the Descending Channel is a pattern of trend change, means marking a Top and turning Bearish on Short-term even though that Daily chart’s Support zone is about to be invalidated nicely holding from mid-April.. However the larger timeframe of Weekly chart (#1W) remains critically Bearish, so again I need to pay attention of potential reversal points and Selling the Top as High (and safely) as I can. It seems that Investors who Bought Gold during the current #6-Month consecutive rise, closed their positions and Naturally takedown is about to be delivered. According to my estimations, Gold still didn’t formed a Bottom, therefore I am ready with my piercing set of Selling orders.


Fundamental analysis: Gold was Technically Bearish but Fundamental side prevailed and the result is those Bullish candles you spot on the charts. Strong Resistance is seen at #2,388.80 - #2,392.80 while first strong Support is priced at #2,374.80, which means as long as Support is intact, there are more probabilities for the uptrend. It is important to note that below #2,374.80, there is only #2,362.80 to hold Gold from testing #2,352.80 benchmark but again I need to keep in mind that on these Fundamentally driven sessions, Gold can go as far as outside factor pushes it so I will not take strong bets on the market.


My position: Only factor which is keeping Bullish bias alive is DX taking strong hits and as soon as DX starts reversing on new Bullish Medium-term leg, Gold will deliver decline of current Inflated Price-action. However, Gold still remains very sensitive to every Bullish development where minor Bearish spikes on DX / Gold is easily rising while DX on Intra-day correction, Selling Volume on Gold is almost non existent (very Low) as Gold should already Trade near #2,352.80 benchmark. Regardless I have engaged my Selling order with #2,386.80 entry point (#2,352.80 remains my optimal Target for the fractal).