Sell order activated / Gold remains under heavy pressure

Gold's general commentary: Another strong Bearish Hourly 4 chart’s candle sequence (# -1.61% so far) with the downtrend on Hourly 4 chart’s testing the last Support line of #1,772.80 before an aggressive Gap fill below #1,752.80 psychological mark. Stock markets are on the #2nd straight Bearish Daily chart’s candle, applying heavy Selling pressure on Gold (but Gold still correting Overbought levels) as the most important Bearish factor at the moment is the relief on global geopolitics (Trade war positive for DX developments) which cause risky assets to gain and Gold to lose. This shows how overpriced Gold was due to these Fundamental escalations during this most recent Bull leg. Gold is being kept on High levels despite DX’s flat action mainly due to the Bearish candle candle on Bond Yields. The slightest pullback on Bonds should push Gold inside the #1,750’s Selling accumulation zone (strongly rejecting any downside attempt on the Weekly chart (#1W)) where I will be awaiting confirmation for Medium-term. There is eminent switch from Bullish to Neutral on Daily chart as now Selling looks more probable on the Short-term.


Technical analysis: As I mentioned on my remarks that ''Gold has negative slope on bigger charts''. It confirmed my Selling Short to Medium-term pattern with #1,772.80 and #1,752.80 psychological mark in continuation, and should then be breaking all Support lines on a heavy Sell-out. I cannot expect a Bullish trend to be sustainable unless the #1,792.80 Resistance breaks and market closes above. For now DX broken the Resistance, development which will progressively add Selling pressure on Gold and what keeps Gold Neutral is correlation with Bond Yields, currently on recovery attempt. Bond Yields cause Bullish spikes on DX, and DX rises, which instantly adds Selling pressure on Gold and also cause Selling spikes on the Price-action, so as Bond Yields cools off and start gaining with every Hourly candle, uptrend will result as an strong aggressive decline on Gold on the aftermath. My Technical estimations indicate aggressive takedown on Gold as regarding the Daily chart, the trendline finally got invalidated, however #1,752.80 can serve as bounce back point and could attract Sellers on the market. I note ''bounce back'' because it is where most new Buying orders are accumulated, pushing Gold further upwards for every failed Selling attempt. With DX meeting it’s Resistance and no new events to Lower it down in addition, Gold will hold and maintain Selling bias. Expect Volatility until Bond Yields extend the recovery candles above the Resistance.


My position: As Gold is attempting to find the equilibrium between the two (DX and Bond Yields, strongest correlation assets of Gold so far), there is Technical opening for #1,752.80 mark test (my Target), as I engaged my Selling order with #1,779.80 key entry point.