Technical analysis: Gold has invalidated the Hourly 4 chart’s Symmetrical Triangle and altered the #2-session Buying spree on Gold. As Gold didn’t re-tested Support belt on one try / hit after aggressive #2,400.80 benchmark test, Selling continuation is on the cards, with today’s #2,362.80 – #2,372.80 being the Higher High’s Upper zone former Resistance zone now turned to Support zone which, if broken can continue the Selling sequence towards #2,352.80 benchmark first then #2,327.80 – #2,338.80 Support belt in extension. Otherwise Gold may consolidate on Higher levels (towards local peak) for a while. Of course much is attributed to the ongoing Fundamental correction where Gold is soaring lately with Fundamentals as an catalyst and even though NFP delivered upside surprise, Gold was skyrocketing on the aftermath. Current Fundamental late optimistic developments are traditionally pulling the Price-action back upwards (assisting upside as well in past #3 quarters, since mid-October to be more precise. I have the next Support at #2,372.80 where the Price-action should meet the Higher High’s last Higher zone (many similarities with June #7 fractal) and continue the decline towards #2,352.80 benchmark / contact point. I expect my Selling Targets to be realized mid-week. However, Daily chart’s trendline is still preserved and Gold closed the market below #2,400.80 mark, indicating that Gold will remain heavily pressured. If my pattern fails, then #2,412.80 – #2,422.80 can be used as an re-Sell area however I Highly doubt that Gold will deliver #2,400.80 benchmark break.
My position: There is no need for strategy shift so far even though Gold changed it’s course (with Fundamental side as an catalyst of course) and now has slight Bullish sentiment (underlying trend remains Bearish) on both Short-term however every pull back (either on Hourly 4 chart but mostly on Daily) should be Sold. Gold remains Bearish (Medium-term horizon) and #2,300.80 Target is intact as discussed above (will slowly achieve it on my set of Selling orders I will take as Gold deflates current Inflated Price-action). Heavy Selling sequence is ahead as I await my re-Sell zone to re-Sell Gold on spot towards #2,352.80 benchmark.