Gold reversed from Intra-day High's / Bearish bias intact

Gold's general commentary: Yesterday's Asian and early E.U. sessions started in Bullish fashion which was fuelled by Powell’s dovish surprise throughout Wednesday’s FOMC press conference. Despite breaking #1,935.80 upwards, Gold’s Daily chart remains Bearish with MACD still indicating strong Selling signal, Bond Yields opened yesterday's session Lower (# -2.05%) but still comfortably Trading above psychological barrier and multi-Year High’s (progressively adding Selling pressure on Gold), DX was losing temporary but according to the cycle, Price-action found strong Support and showcased strong durability near #98.00 level (arise Buyers and engage recovery process, visible at the moment), as result Gold will be heavily pressured and once #1,927.80 breaks, I will be ready to Sell Gold on spot towards #1,900.80 psychological barrier (needless to mention, broken already throughout Wednesday’s session). I am not interested in Buying Gold on both Short and Medium-term.


Technical analysis: Gold remains rather weak as it has again failed to break above the Hourly 4 chart's #1,952.80 with ease, and even if it does, as discussed Gold has #4 strong Resistance levels towards #2,000.80 psychological barrier, which currently has tiny chances of being invalidated. Even though the Long-term remains Bearish, this weakness can set #1,827.80 test in motion (July #16 Low) which significance I am pointing at throughout the whole Week, and if broken / Price-action will be calling for #1,800.80 extension, as #1,778.80 Lower Low's extension can be touched before rebounding. As a result regarding the above, I have to be careful with my Stop-loss selection and apply strict Risk management. Gold has so far failed to close a Daily candle above the #1,952.80 Symmetrical Resistance as Technically Price-action remains Bearish. In order however to extend recovery candles / trend, a Daily candle needs to be closed above the #1,962.80 (far away from current fractal) and if it does, the Natural Targets would be first #1,970.80 (Resistance #1 from the March #4 High's, former Gap fill) and if a Daily chart's candle closes above it, then #1,992.80 (emerging from both Resistance below) ahead of #2,000.80 (as said, Bullish bias is Highly limited). On the other hand, if a Daily chart's candle closes below the #1,930.80 Short-term Support, I would expect a technical pullback towards Medium-term Support zone (#1,882.80 configuration or below). Long-term though I remain Bearish, Targeting #1,678.80 Lower Low's and #1,588.80 in extension, maximum out of Bearish cycle ahead (Gold tends to struggle for more than #6-Months after pricing Higher High's peak's).


My position: As I remained on sidelines throughout yesterday's session (equipped with spikes on both sides which could endanger my capital), I am ready to utilize next opportunity which Gold delivers. If #1,930.80 - #1,927.80 breaks, Sellers may arise and push the Price-action all the way towards #1,900.80 barrier. Keep in mind that this is final session of the Trading week and do not take wild bets on the market (implement Risk management). #1,962.80 fractal break invalidates Selling potential (slim chances to be reached).