Gold on crossroads for the Short-term

Technical analysis: As expected Gold broke the #2,400.80 barrier (posing as an Resistance area / psychological benchmark in the same manner) and quickly retraced and Sold back the Price below it (delivering almost #100-point instant correction) and in my opinion if the current Hourly 4 candle (which is the breakout candle) breaks the #2,332.80 - #2,342.80 Support zone fractal, then most likely Price-action will be headed towards the Hourly 4 chart’s Bottom zone seen Trading near the #2,300.80 psychological benchmark. Current configuration offers me no Short-term opportunities as Trading on such Price-action will only deliver holding worthless positions on unprecedented Volatility (Buying / Selling without a confirmation where trend can be reversed anytime). Market model Gold is Trading under isn't aligned with my Selling expectations which are reversing Gold’s Intra-day trend, but the Selling after-effect (from soaring DX most likely) itself seemed to have little or no affect on Gold after #100-point correction. I am not expecting Gold to reveal a major move yet, so more patience is required. Needless to mention, Gold is Trading and miraculously approaching record High's each week of the fractal. Keep in mind that Price-action manages to reject every downside attempt and defending almost #2-Month old strong trendline (early March visible on Hourly 4 chart) and according to the cycle this will be last attempt for Buyers to prevail, on the other side if / when trendline is invalidated, it will be excellent re-Sell signal for me on the Medium-term. If breakout is delivered and Price-action closes the week below #2,300.80 psychologixal benchmark, I will pursue #2,252.80 and #2,236.80 with my piercing set of Selling orders, however, if Bottom zone appears out of nowhere and is formed again / practicing strong durability (as it was the case many times within last Months), Technical Selling will be postponed.


My position: I have managed to get some quick bucks out of Gap Fill last night due crisis escalation on Middle East, I assume no new orders now. Regardless, I am defending my Selling model on both Short and Medium-term as Investors remain very interested in multi-Month Selling potential ahead which may limit relief rally advance on Gold. Right now, I do not have any clear Selling opportunity on Gold.