Sell order activated / #1,792.80 Lower Low's possible

1 Jun 2022

Gold's general commentary: The current set-up on the Daily chart is still a solid Descending Channel with the #1,858.80 - #1,862.80 Resistance zone rejecting the uptrend and well Resisting the Buying pressure from Fundamental news and correlating assets (DX mostly). Right now the Price-action is near the Lower High’s Lower zone trendline of the pattern, so it is Natural to expect a pullback to the Resistance of #1,857.80 if the line Supporting from below isn’t invalidated, before the trend resumes and decide where to next. However, yesterday’s session Wall Street opening Bell brought heavy Volatility to the table, so it is best for me to keep operating with already projected model which I have since any rise to the Upper Lower High’s zone is Sold back since May #17. Bearish leg in continuation should be Targeting, typically #1,811.80 first Higher Low’s Upper zone fractal if #1,831.80 breaks. Needless to mention, Gold would be significantly Higher if Fundamental news didn’t distorted Technical trend.


Technical analysis and my position: Gold Traders are witnessing sudden change of trends almost on Intra-day basis, and that is due strong shifts on DX (main correlation I have at the moment) which are instantly imitated by Gold - sequence which may be disastrous for Gold's Short-term Traders. However, I am constantly monitoring the charts in order to position myself (and my Traders) on the proper way (spotting pricing opportunities) and not against the trend, and current Selling opportunity which Gold delivered is worth taking. Therefore, I have engaged my Selling order with #1,835.80 as an entry point, and optimal Target of this Selling leg in continuation is #1,806.80 Support first, then Trading may be performed below #1,800.80 psychological barrier.