Sell order active / #2,352.80 benchmark possible

Technical analysis: As discussed throughout my yesterday’s session commentary, I anticipated the initial development of Ascending Channel both on Hourly 1 and Hourly 4 charts to reach it’s Top on #2,400.80 - #2,410.80 Resistance fractal. Once again, Gold showcased “backed by nothing” Bullish stance / potential, with Price-action (filled with unexpected Bullish spikes all along) managing to gain approximately #30 - #40 point or (# +1.00%) throughout the session, previously rejecting the #2,352.80 psychological benchmark acting as my durable / precise Support fractal . Throughout the session, Jobless Claims also delivered decent numbers at least for DX which should in turn push Gold much Lower, however the Price Action managed to find Support near the #2,362.80 sequence, pushing Gold back towards the previously mentioned Resistance zone (Trading as an Top of the Ascending Channel in the same manner). Gold remains critically Overbought on all main chart’s, however as Gold remains strongly affected by the Fundamentals (outside factor which is keeping mega Bullish bias alive). I still remain Bearish as our time is yet to come, considering the fact that the late spring / early summer Gold losses its value (in #2020 Year; approximately #440 Points; in #2021 Year approximately #400 Points; in #2022 Year approximately #250 Points), is cycle which is seemingly reproducing. I do expect multi-Month Bearish cycle once Fundamentals leave the stage.


Fundamental analysis: Trading in general, especially Gold requires strong patience. Gold is most likely going after the #2,352.80 - #2,366.80 configuration again, which as I mentioned represents this and next week’s strong Support zone. It is negative for Sellers that #2,352.80 benchmark level held throughout current week as it maintains the Hourly 1 chart's Ascending Channel Bottom and since Hourly 4 chart points to an steeper fall and #2,300.80 benchmark variance (which is Trading below #2,352.80 Weekly (#1W) Low’s), I may have a quiet a Bearish development on my hands. But as long as the Price-action doesn't invalidate the #2,352.80 psychological benchmark or less, I can't be confident in a sustainable decline in continuation. Especially ahead of Volatility on Gold and constant Bullish spikes which can shift momentum easily (as seen many times lately).


My position: I have engaged re-Sell order with #2,410.80 as my entry point, optimal Target remains #2,366.80 Support in extension. My order is running in excellent Profit as I am more than satisfied with my set of Selling orders lately.