"Sell every High's on Gold"Technical analysis: Gold is displaying extreme durability as despite the Bearish pressure provided by the Technical necessity for the Lower High’s Lower zone extension, the parallel relief rally of DX and uptrend on Bond Yields, the Spot prices (Gold) was testing #2,582.80 - #2,592.80 Support zone throughout yesterday’s session, extending the range to #2,552.80 - #2,622.80 (Medium-term break-out levels). In addition to that, yesterday’s session High’s bounced exactly on the pressure point which is a sign that Bearish full scale reversal might not be far away, but will be surely postponed if today’s #2,611.80 - #2,613.80 Short-term Resistance cluster gives away and result as an #10 - #15 point recovery Intra-day. Daily chart remains an healthy Descending Channel but at the same time, Weekly chart (#1W) is on Negative gradient so only a new Higher High's Lower zone extension test can restore the Short-term Bullish sentiment (#2,622.80 or above towards #2,627.80 - #2,632.80). As I have closed all my my Selling order, I assume no new orders for the moment.
My position: The Trade remains "Sell every High's on Gold" and remember as long as DX is Trading on upside numbers, recovery on Gold will remain very limited. I will either re-Sell Gold now with #2,582.80 Target, or await one of my upside re-Sell areas to re-Sell Gold towards Lower levels. I am looking at #2,552.80 benchmark test initially as I expect Gold to remain pressured on both Intra-day and Short-term basis.
