Engaging my Selling order / #1,778.80 on the cards

Gold's general commentary: The Price of Gold firstly started yesterday's session in Bearish fashion, then increased in value of more than #10 points and instantly tested upper levels as DX (Dead Cat bounce) was Trading on Three Black Crows as a catalyst. It is Technically unfair that the DX, which is lately ignored by Gold most of the times, engages the huge Selling sequence and alters the full scale Selling sequence on Gold #3 out of #3 times. The DX, calculated by factoring in the exchange rates of #5 major World currencies, failed to maintain this week’s upside momentum and now should marginally close in red (if today's recovery attempt is altered). In addition to this, Bonds Yield crossed above the Resistance (# +4.77) and as is inversely correlated with Gold, should be High impact Short-term reason of Gold’s constant Bearish spikes, which shouldn’t be instantly Bought, as it is the case currently. The Technical outlook on the Weekly chart for Gold, after clearing it's #2021 Yearly opening (sequence ahead which should be similar to January #27 - February #15 fractal), displays a reasonably clear run towards the #1,700.80 psychological barrier, as well as nearby Support seen Trading at #1,778.80. Daily chart turned fully Bearish with RSI again on critical levels. A closer analysis of the Price-action on the Hourly 4 chart has the candles crossing emerging trendline with Bearish contact point #3 points near the Support, which means that Gold was on it’s final attempt to break the Resistance, since rejected, I will treat this as an Technical Top (#1,805.80 - #1,807.80).


Technical analysis: What is worth mentioning is that the Price-action also correlates perfectly with Bond Yields and is compressing within an mini former Ascending Channel (Low: #1,486, High: #1,551). What’s also notable from a Technical perspective on Gold is the RSI indicator, displaying a divergence/Overbought reading which may engage aggressive decline (since Gold is Trading on Inflated Prices, decline will be aggressive since statistically, all previous bigger proportion declines were aggressive since Gold was Trading on Inflated Price-action), as this will be excellent attempt of Gold to finally break the Support cluster on much expected Technical Selling move. While Buying pressure (regarding Short-term) is easing, I am not interested in Buying the market yet (unless #1,815.80 breaks). A decisive Hourly 4 chart close below #1,800.80 barrier (entry/risk levels can be decided according to this breakout candle if variance allows), opens up new Bearish scenario regarding Short-term and announces new Support test. As long as Bond Yields are on Monthly High’s and Gold Buying every decline, I will implement strict Risk management. My model is very Bearish regarding both Short and Medium-term.


My position: As Gold is Selling every Top and recovering (on almost Intra-day basis) every Support break, I will keep implementing my strict Risk management, moving Stop-loss in Profit every #5 points. Since my original Stop-loss was on #1,807.80 (always #10 points away from my original entry, was #1,797.80), even if I held my order, Stop-loss wouldn't be triggered. Since correlating assets are going in my favour and Technically, Gold should be under pressure, I engaged Selling order with #1,801.80 as an entry point, Targeting #1,778.80 in extension. Remember to move the Stop-loss in Profit every #5 points and practically have risk-free Trade on your hands as long as this Volatility lasts. If #1,790.80 breaks, Gold may test #1,778.80 within first #5 Hours of the session. If my order does not deliver results within first few Hours, I will alter the order, as current always-changing sentiment on Gold is not desirable for keeping the order overnight.