Gold's general commentary prior to last week: Buying pressure was evident on Gold (currently on relief rally) due DX on non-stop decline since June #5 local peak. Without analysing the fractal more, weak DX is not going in favor to my Short and Medium-term Selling model and it's prolonged weakness is delivering Bullish spikes on Intra-day basis. DX is still struggling to make Bullish comeback and that's why Traders witness aggressive Buying pressure on Gold. However, I do expect additional slide on Gold all the way towards #1,942.80 first then #1,927.80 - #1,932.80 Medium-term Support zone once DX starts reversing and finds proper Support.
Technical analysis: Target of #1,940.80 is still not tested nor hit as the newly formed Ascending Channel (which is luckily currently invalidated) delivered the expected Higher Low's Lower zone on #2-session relief rally. That channel didn't helped my action plan to Price accurately the local Lower Low's which could be realized if there was not parallel Selling developments on DX chart (even though Fed delivered Bullish remarks for DX) but that didn't stop me to continue operating with multiple Selling #6 to #7-point orders from #1,962.80 and session Top's on Friday. Since former Double Top, the Daily chart's Descending channel is still applying heavy Selling pressure (remember that underlying trend remains fully Bearish on both charts) towards #1,927.80 - #1,932.80 Medium-term Support zone. However currently the Price action has rebounded aggressively in form of an Engulfing Bullish candle under relatively High Volume (pushing the Price-action back to Neutral Rectangle on Hourly 4 chart) therefore I will remain idle until either the #1,952.80 test takes place (#1,955.80 still guards the uptrend and showcases strong durability) or a new Higher Low's Upper zone on Hourly 4 chart is presented / tested around #1,966.80 - #1,973.80 delivering Selling opportunity. I will resume Shorting even more within one of mentioned benchmarks above. It is important to mention that DX is still taking strong hits and struggling to make a Bullish comeback, however when Price-action finds the Support and starts reversing into new Bullish leg, expect more serious takedowns on Gold. Continue operating with Selling orders within Neutral Rectangle on Hourly 4 chart.
Technical analysis: Target of #1,940.80 is still not tested nor hit as the newly formed Ascending Channel (which is luckily currently invalidated) delivered the expected Higher Low's Lower zone on #2-session relief rally. That channel didn't helped my action plan to Price accurately the local Lower Low's which could be realized if there was not parallel Selling developments on DX chart (even though Fed delivered Bullish remarks for DX) but that didn't stop me to continue operating with multiple Selling #6 to #7-point orders from #1,962.80 and session Top's on Friday. Since former Double Top, the Daily chart's Descending channel is still applying heavy Selling pressure (remember that underlying trend remains fully Bearish on both charts) towards #1,927.80 - #1,932.80 Medium-term Support zone. However currently the Price action has rebounded aggressively in form of an Engulfing Bullish candle under relatively High Volume (pushing the Price-action back to Neutral Rectangle on Hourly 4 chart) therefore I will remain idle until either the #1,952.80 test takes place (#1,955.80 still guards the uptrend and showcases strong durability) or a new Higher Low's Upper zone on Hourly 4 chart is presented / tested around #1,966.80 - #1,973.80 delivering Selling opportunity. I will resume Shorting even more within one of mentioned benchmarks above. It is important to mention that DX is still taking strong hits and struggling to make a Bullish comeback, however when Price-action finds the Support and starts reversing into new Bullish leg, expect more serious takedowns on Gold. Continue operating with Selling orders within Neutral Rectangle on Hourly 4 chart.
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- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.