Gold should remain under heavy pressure

Gold's general commentary: Another Low is priced in on the emerging Hourly 4 chart’s Descending Channel which was testing and breaking the #1,927.80 - #1,932.80 Medium-term Support zone quickly entered the critically Oversold territory however lagging upswing sequence was showing signs of exhaustion on the other side. It is more than obvious that Gold’s Inflated Price-action can be corrected on #1 strong Engulfing candle which should pull us down on Lower levels under Selling sustainability. On the political uncertainty, both correlating markets are moving on a much slower pace, where it is Natural to expect a small pullback if the political matters aren’t resolved, but as long as DX is not pressured by disappointing numbers I expect a smooth downfall / diagonal Trading towards #1,900.80 - #1,908.80 Support zone. Especially since Daily chart is about to turn critically Bearish again delivering Head and Shoulders formation. As I warned lately that these are not normal market conditions and that I shouldn’t Trade on directional approach as the Inflation data will most likely bring traditional turbulence.


Technical analysis: Even though Technically this was ideal Bottom and re-Buy area for Medium-term Buyers as Short-term ones got liquidated mostly, DX should pile heavy Selling pressure on Gold and #1,900.80 benchmark test-and-break is possible within #3-session horizon. If #1,900.80 benchmark gets invalidated, Golden ratio will be met and #1,882.80 ahead of #1,852.80 benchmark are Targets to monitor and pursue. I do expect #1,900.80 benchmark to break sooner or later as #1,935.80 - #1,937.80 belt (Friday's session High's) so far rejected recovery attempt. Next on the charts are #1,925.80 (many times distinguished as an session Low's and reversal areas for former Bullish configuration) and #1,927.80 - #1,932.80 Resistance zone. As it is evident, Gold has wall of Resistances ahead on the path to full scale recovery. DX continues with relief rally and if #103.330 former Support (now Resistance) breaks, Bearish Gap will be filled to the upside and on the contrary, #1,900.80 benchmark will be widely invalidated by then. Not a bad Trading week overall as the Price-action followed last week's Doji Star formation into Friday's session series of Bullish Hourly 4 chart's candles, Gold is settling for a new Lower Low's within Daily chart's Descending Channel. Despite this, the Weekly candle remained on a (# -1.91%) and mostly Bearish indicators. Daily chart continues to pile heavy Selling pressure on Gold so Technically my Short positions will meet their value. The current Price-action is exactlv on the Lower Low's Upper zone as there is significantly more potential on the downside and as a result Ido expect #1,900.80 benchmark test early this weekk. That explains heavy Selling pressure Gold is Trading under.


My position: My #1,918.80 order hit the #1,927.80 Stop-loss as I immediately re-Sold on #1,930.80 and added another #1,937.80 Sell which both resulted with a Profit (both closed near #1,920.80) as I am continuously utilizing Selling every High's strategy for Month's now. I engaged another Selling order on #1,927.80 lately (only active order) and will add more Sell's if #1,918.80 breaks, pursuing #1,900.80 benchmark with my Selling orders. Buying bias should remain very limited.