Gold looking to continue Selling bias / #1,805.80 on the cards

Gold's overview regarding #2 past sessions: The former Support of #1,845.80 has turned into a Support in a symmetrical manner as it has done throughout January, as Gold is eyeing lower level. The Resistance zone is at #1,845.80 - #1,850.80 on Hourly 4 chart but looking at the wider time-frame of Daily Rectangle and the Higher Low trendline of the broken Channel Up, I am expecting a decline around #1,820.80 if #1,845.80 preserves the downtrend. After that it is anybody's guess but Technically, Gold should see a similar pullback to that of April #15 - #21 towards #1,747.80 again (Medium-term decline), and then #1,695.80 Lower Low, if not even lower since #2021 is projected to be Bull Year on Bond notes, and DX partly. Short-term Traders should trade with caution today as Gold is still Trading under strong Volatility. However, no changes on the Daily perspective as the Price-action remains Neutral above the Hourly 4 Support and below the Resistance, as DX is paused the uptrend.


Technical analysis: Gold has delivered just what I was expecting and as despite the consolidation within #1,835.80 - #1,845.80, Gold (Xau-Usd numbers on my focus) remains Bearish Short-term on this Hourly 4 Selling leg towards the Lower Low trendline of the Channel Down on the Hourly 4 chart. The DX seems to have reached a Top but if the Bond notes extends their rally, Gold should continue the Selling bias. Personally I believe that if it wasn't for this #2 session Buying-spree on Bond notes (GDP related), Gold would have been Lower already. Both of Bullish fakeouts were stopped exactly on the Multi-Month Resistance level, meaning that #1,874.80 is my strong Selling accumulation zone for the Short-term.


General overview: As expected, the #1,857.80 - #1,867.80 Daily chart Resistance zone worked again as a rejection point and Gold reached #1,861.80 on one single Hourly 4 candle. Equally sharply, it rebounded on a Hourly 4 Bullish candle, indicating the strong Resistance presence at #70s level. If DX holds the #91.00 Daily Support and Bond notes continue the recovery, Selling sequence on Gold will proceed. I need to point out again that on the Short-term, Gold is still Neutral. For Long-term Traders, the trend is still Bullish so a practical suggestion would be to Buy every dip to the Rectangle's Support within #30$ (around #1,810.80). On such pace it is not impossible to close the week on marginal gains (now a mere # -0.20%). The Monthly candle however remains on a # - 0.11% and below #1,840.80 Support is a negative close, so practically the Bullish Medium and Long-term trend will switch to Bearish. On the other hand, Gold is Trading on my predicted values. All Technical indicators point for more Hourly decline and there are no Bull flags on the charts as a reversal is not expected before #1,874.80. I will continue to get Buy signals on any level above the pivot point and current Price-action, as I will not consider any Selling with High’s on DX and Usd-Jpy pair. Remember, every Gold’s rise is a great Selling opportunity with this outlook as DX getting stronger (Bought back current losses) and Usd-Jpy is Trading on recovery candles / plus Bond notes on a recovery.


My position: I will engage my Selling orders if #1,831.80 breaks, calling for #1,810.80 extension. #1,845.80 is strong Resistance on the other side, but I will wait for #1,854.80 to be more certain in Buying.