Gold shows no apparent signs of stopping the downtrend

Technical analysis: Gold got rejected near the #1,727.80 - #1,733.80 Support zone which has seasonally been the strongest Selling accumulation point since September #2020. Daily chart should be Naturally stabilized already as I shift my focus on Weekly (#1W) and Monthly chart, both of which are calling for a Long-term Bearish sustainability (even though Daily chart’s #MA50 is still preserved). The Fed loan rate climate (and repurchase agreements speculation) may represent the main driver behind current aggressive Volatility and should be Sold immediately if #1,733.80 Short-term Support gets invalidated (thus DX engage the Weekly chart (#1W) full scale recovery attempt, which can be distinguished as an trend switch on Gold from Neutral to Bearish). There is always an outside factor that drives the Price-action towards the Medium to Long-term Resistance levels seasonally (reversal on Bond Yields or DX) but all are Sold there. It is possible to have a #3-more session period Trading within #1,733.80 - #1,782.80 belt before the Price-action breaks downwards though based on the #2020 - #2021 cycle. If Gold does not recover the #1,782.80 - #1,800.80 Higher High’s Upper zone levels and restores Technically Bullish Short-term trend within #3 - #5 sessions, I can Sell on spot with certainty on the Medium-term (aswell with confirmation from correlating assets). Renewed Medium-term Bearish outlook on Gold may come as no Technical surprise since other assets should Trade favorably for Gold’s decline.


My position: I have been patiently waiting on sidelines for new Trading pattern to arise, as current Intra-day trend is too idle and major move is yet to be revealed. I will be interested in Buying Gold only if #1,752.80 psychological mark breaks and market close above, however will Sell on spot if Support zone breaks (Optimal Target is #1,700.80 psychological benchmark).