No changes to my previous outlook / Bearish Gold

Gold's general outlook: Gold erased last week’s gains and was marginally near the #1,735.80 strong Resistance on the Hourly 4 chart as, despite the decline on Stock markets, DX is Neutral and Trading on huge Swings (with possible correction ahead) on a positive U.S. Trade deal environment, and Bond notes are within a Triangle. Technically, Daily chart is Bearish as I still don’t see recovery signs, only Selling sustainability. Current Price-action is suitable for Sellers as Gold is within #10-point variance almost all session long. However, there is decent possibility for #19$ Intra-day dip as Wall Street opening Bell approaches. If that’s the case, I will carefully wait for opportunity to activate add more Selling orders near #1,717.80. The Medium-term charts Daily and Weekly still point to a Lower Price-action (#MA50 on Weekly chart is away almost #100 points on #1,825.80) which reveals underlying Bearish Long-term trend and this is why I will keep Selling every dip on the longer run. A relative risk factor is off the markets and that’s why DX should rise (Stimulus news are already priced on the markets) and add more Selling pressure on Gold. Also, as long as Bond notes are Trading near Resistance zone and break the Triangle upwards, their Channel Up will be intact and will progressively apply Selling pressure on Gold, since Bond notes attract risk seeking capital from Gold. I do expect however the currency speculators to push DX as High as they can ahead of this week’s Fundamental events in order to secure a more comfortable Sell entry in late session near the weekend break. I still give more probabilities to the downside with #1,700.80 as a first Target and #1,690.80 (or less) in extension if #1,700.80 breaks.


Technical analysis: Gold reached the #1,735.80 mark throughout yesterday’s session but didn't break it, and instead confirmed it once again as an Resistance as the Buying pressure from the Hourly 4 chart weighed more with DX dip in addition. The Price-action was rebounding back to last week’s Top as Daily chart is fully Bearish but Hourly 4 chart remains Neutral on Short-term which may postpone the downtrend. Hourly 4 chart printed an Rectangle and currently has no intentions to break it. This only shows how Volatile Gold's Short-term can be, but still Gold Trades within my predicted values and no Bull temporary rise is an cause for alarm. In these days, anticipation of the heavy news is in progress and pending announcement of new Trade policy. In my opinion if #1,717.80 doesn't hold then I will be looking at possibility of #1,700.70 and #1,690.80 in extension. But both ways, my analysis is always based on and designed eyeing Quarterly cycles and filters such events, so both ways (as soon DX stabilizes and Bond notes break the Triangle upwards), Gold is calling for Support and below.


My position: I am still on sidelines waiting for Selling confirmation, and since my Yearly Profits are great, I don't feel necessity to rush onto new pattern. I will comfortably wait for #1,717.80 break and then make my move / pursue #1,700.80 psychological barrier with my Selling orders. On the other hand, even if Resistance breaks, I won't be interested in Buying Gold with Bearish Fundamental developments which can trick Buyers and make them hit their Stop-losses.