Keeping my Selling order / Gold leans more to the Bullish side

Gold's general commentary: As Gold is within Hourly 4 chart consolidation Rectangle, this is very cautious market at the moment. As long as the #92.30 level on DX holds and the Bond Yields continue with their Volatile phase on Weekly chart (#1W), I expect Gold to remain under pressure both on Hourly 1 and Hourly 4 chart. I do expect however the currency speculators to push DX as High as they can ahead of Powell's speech in order to secure a more comfortable Short/Selling entry in the late session. Technically Daily chart is stuck inside an Rectangle aswell on High Volatility variable that can keep the Price-action inside #1,800.80 - #1,815.80 until today's U.S. session opening Bell. I am still expecting a break of the #1,792.80 Support until end of the Trading week, and my #1,778.80 Target extension, break of which can negate Buyers on Short-term. I expect consolidation for the rest of the session and U.S. opening to provide Investor sentiment ahead of Fundamental announcements. Break of #1,800.80 psychological barrier can spike Gold down and slide the Price-action towards #1,778.80. I am still looking at #1,752.80 initially.


Technical analysis: Tricky session at the moment pointing to both Bearish and Bullish developments. Technically, Gold should be testing the #1,800.80 psychological barrier and offering steady Selling opportunity, regarding Fundamental side - Gold is Bullish since Yields were under Selling pressure and CPI announcement revealed huge Buying pressure on Gold (even after the result greater than the forecast). Since the Hourly 4 chart Resistance zone rejected the Price-action (and representing #10 session Resistance zone) it was Fundamentally natural for Buyers to accumulate again and that is why Gold is Trading on gains at the moment. My focus is on the Hourly 4 chart and as the Price-action got rejected near #1,815.80, I give more probabilities to re-test the #1,800.80 Technically. I treat this as a strong Support, if broken, there will be more Bearish bias on the Short-term as since the #1,818.80 High, Gold has clear Higher Low’s and Lower Low’s on a descending RSI. If today's #1,800.80 session Low breaks (less likely), I would expect a new Low on the Hourly 4 chart’s #1,778.80. If Powell’s speech deliver what I am expecting, DX should be under strong Selling pressure and Bond purchase will be mentioned (which can finally lift Yields upwards and alter Bullish spikes on Gold), which configuration could give Sellers more confidence to extend the rebound back to #1,752.80. The Volatility is High ahead of today’s announcement and should get even more aggressive, all correlating assets besides Yields (partly DX and Usd-Jpy) at the moment are less important. I am expecting Yields to end the Q3 above #4% +. I will keep operating with my Selling orders.


My position: I engaged my Selling order on #1,807.80, as I have decent chances of Price-action hitting my #1,819.80 Stop-loss as current Short-term bias is leaning more to the Bullish side which is not going in my favor. I have #2 options at the moment: #1) Closing my order now on #1,813.80 variance and have a breakeven result since I have closed my previous position with #6 point Profit. Option #2) allowing risk ahead of Powell's speech and keep the order in case of Selling rejection later on U.S. session opening Bell, allowing risk as the Price-action can touch my Stop-loss and invalidate my position before the speech. However, these are final sessions of Buying pressure on Gold, which can deliver optimal Selling entry near #1,820.80 later on. Remember, the stronger the consolidation and the rise is, the steeper fall will be. Both ways, I am more than satisfied with my Yearly Profits and as soon as this consolidation is over, Sellers will prevail and #1,752.80 will be next.