Sell order engaged / Stop already on breakevenTechnical analysis: Price-action has achieved a temporary equilibrium on Hourly 4 chart, between #2,552.80 and #2,600.80 (roughly Gold was in Oversold waters on smaller charts) as it still de-balances the Technically Bearish dynamics of Short-term and the Bullish (at least for DX but certainly not Gold) Fundamental "fear factor" and Inflation numbers. By my calculations, DX - sole Fundamental driver behind Gold’s downtrend in continuation was far away from gaining it’s true strength (directly affecting Gold market), and if Gold closes the session below #2,600.80 configuration and does not open with a Bullish Gap fill throughout tomorrow’s session, I will engage set of Medium-term Selling orders towards #2,552.80 benchmark first, then if broken pursue #2,500.80 benchmark projection. Gold continues to represent the product in High speculation mode and as well Buying spree on DX is going in my favor. It is also unknown whether a potential Rate talks are already priced in or not, as well Fed’s aggressive stance and how it will be digested by markets. It is important to note that Gold isn’t soaring as much as it should taking in consideration how it aggressively spiked up in recent Month's.
My position: I have engaged Selling order with #2,595.80 entry point with #2,562.80 as my optimal Target. My Stop is already on #3-points on breakeven as #2,600.80 benchmark break-out restores Short-term Buying trend. However rejection here may reverse the trend and re-test #2,552.80 benchmark. This is roadmap for the #1 - #3 session period (small Risk / huge potential) as it is no time to take wild bets on the market.
