Gold's general commentary: Aggressive Selling sequence came as no Technical surprise as Gold is looking rather weak and trending downwards with every Hourly 1 chart’s candle. Taking all aspects into consideration, recent slide was Naturally expected where movement was certainly within my model as I announced huge Selling potential regarding both Short and Medium-term, especially within previous and current Trading week borders.
Technical analysis: Higher Low’s Upper zone decimal is still intact, however it is now under total Bearish domination (Selling on every local High’s). With November #4 trendline now fully invalidated, I cannot ignore the possibility of the Medium-term trend switch. Similar resemblance happened on March #31 - April #3 where Price-action tested Support on multiple occasions and then (followed with violent Volatility) spiked up strongly, and then Sold back the gains (similar sequence on current fractal that Support zone was invalidated in aggressive manner after so many failed attempts and eminent rejections). DX is on full relief rally (under almost # +1.50% gain) while Bond Yields were on slight decline, however both skyrocketed on the NFP aftermath (significant rise on both, however pay attention to Bullish Gap fill on Yields which may be filled within #2 - #5 session horizon). I did expected number much greater than the forecast on NFP announcement which was enough to initialize more serious Selling impulse on Gold. I was comfortably headed to a break with the remaining #2 Targets almost accomplished (as announced many times on my remarks, #1,900.80 and #1,852.80 psychological benchmarks). This is first Engulfing Bearish candle on Weekly chart (#1W) since August #15. Remember, Gold is cyclical asset and last #2 multi-Month declines was from August #2020 - February #2021 (almost #210 sessions) and March #2022 - October - #2022 (approximately #210 sessions aswell). It is important to note Hourly 4 chart’s switch from Bullish to Bearish (without being Neutral (ranging) for #1 - #10 sessions due current aggressive takedown) as November #4 trendline which was preserving the uptrend values was invalidated strongly. Price-action is Trading near #1,852.80 psychological benchmark, which is confirmation of my thesis that whenever Gold is Trading on Inflated prices, the correction will be even more aggressive.
My position:[/b In regards of the above, I have engaged additional Selling order with #1,875.80 as my entry point. Optimal Target for the Sequence remains #1,833.80 extension.
very precious,... also i was waiting the level where DOLLAR will take support, it exactly taken at 100.5, Gold now broken trendline support at 4h, i think now 1900 will be strong res.,downside 1835,1810 possible.,