Gold re-Sells every High's aggressivelyGold's general commentary: As expected yesterday’s session local High’s rejection pushed Gold aggressively towards Sellers take Profit of #2,352.80 to form #2-session Low’s. Traders witnessed one of the many Fundamentally driven rises which I always look to utilize as Shorting is excellent way to make Profits on Gold since there is lot’s more traffic in Selling than Buying, as Bull leaps are (#100%) out of the times Fundamentally driven on Gold. Hourly 4 chart is approaching #13-session old Neutral Rectangle however Daily chart may shake off the last of it’s Neutral values and align with Bearish Technicals which are constantly delivering Selling signals.
Fundamental analysis: Bond Yields rebounded strongly off it’s local High’s are is now in the process of seeking the Support. DX was taking strong hits however today's NFP numbers may improve the sentiment. (#1W) Weekly chart’s candle is near a (# +0.04%) close, effectively limiting the losses / however on the other side, Buying pressure is not so strong and that’s why you won't witness #100 - #150 relief rally on Gold anymore (as it was the case lately). Monthly candle is now at (# +1.47%)%) and the goal is to slide further by closing, extending the Selling sustainability. That is why Traders should observe their gains / losses on a Monthly basis, as despite the Volatility on smaller timeframes as this one, the Medium / Long-term patterns always prevail.
Technical analysis: No surprises so far as Gold still didn’t broke the last barrier of #2,400.80 benchmark on Spot prices, confirming the first wave towards the almost #2-Month old Support zone. Daily and Hourly charts turned Bearish but based on the Weekly chart’s (#1W) candle regression since end of September, it is safer to Sell after every red engulfing Daily candles (cycle on June #4, July #9 and August #2). DX is on critical crossroads and should stay above first Support, as their spiral downtrend had Bullish after-effect on Gold. Gold is now Technically and Fundamentally equipped for Selling sequence in continuation, but it is still early to speculate on exact timing since this was last session of Trading week and aggressive spikes to the upside are new norm. Technically, both on Oscillators and Candlesticks, Gold should lose value with every Hourly 4 chart’s candle minimum towards #2,300.80 benchmark. (Higher High’s Lower zone local extension).
My position: I was on sidelines session or two monitoring the developments however I missed current aggressive #2,387.80 - #2,340's decline as it was delivered in the time when I am off my charts. Regardless if you decide to Trade the news, I do expect upside surprise on NFP numbers and even stronger reaction on Gold to the downside. Even though Bear market has started, Gold still delivers Fundamentally driven aggressive spikes to the upside so protect your orders with strict Risk managament.