Gold on Selling sequence

Technical analysis: Hourly 4 chart’s Descending Channel I mentioned on my remarks is still active on the previous Daily chart’s candle as Price-action is headed towards Lower levels (aggressive takedown), as mentioned Targeting the #2,300.80 psychological benchmark extension and strong defensive line Supporting from below, Trading at #2,292.80 (invalidated sessions ago to the upside). As long as #2,300.80 benchmark holds as an Support (and market closes above in consecutive manner), Gold will Trade under Buying pressure (Buying every Low’s) before the next Bearish leg, but if #2,300.80 gives away, configuration may deliver aggressive decline and Selling call towards #2,200’s where the Price-action is expected to be in #1-week time. To be frank, I am surprised that Gold was extending the consolidation, I expected that to take place after the revelation of the major move on most exchanges.


Fundamental analysis: Gold on gains along with the DX is the paradox currently. The only reason is outside factor (not known) which is keeping Bullish bias alive. Such Fundamentals along with DX are raising interest in safe-havens such as Gold. But on the bright side / despite all this throughout yesterday's and today’s session, Gold didn’t recovered instantly as much as before. In my opinion this shows that the Weekly chart (#1W) Resistance zone will be defended and showcase durability.


My position: Finally Gold is delivering signs of multi-Month Bearish cycle ahead which is model I usually Trade on (I am only Shorting Gold). I am really satisfied with current results (re-Selling Top's which Gold deliver) and I do not expect decline in continuation on Gold before a small rebound.