Gold is on a crossroad / Keeping set of Sells

The Price-action managed to reject the Bullish leg from #1,717.80 zone, even though that the stabilization on Usd-Jpy is still not achieved. Both, Usd-Jpy pair and Stock markets are on a very sharp drop as both assets sell-off resulted as Bullish action on Gold. Especially the fact that Bond markets broken the Support on Daily chart (which is a good sign for Gold Sellers, since partly, Gold and Bond markets are negatively correlated), makes Gold Neutral and volatile on the Short-term. Gold’s Hourly charts regained complete Bearish status for the first time since April #27. Key elements to keep in mind: According to my charts, Gold should firstly dip to #1,703.80, and then make the general move. However, if #1,721.80 Resistance is broken, Gold could easily rise to #1,737.80, and my pattern invalidated (less chances since the Resistance rejected the Price-action on multiple occasions). If #1,703.80 is broken, Price-action will be calling for #1,680.80 Support test, and if broken, #1,647.80 in extension. As soon as the new market dynamics, post Fed, find their prior balance, Gold can resume its steady Medium-term Selling trend. As you understand trading Gold is a quite complex asset to deal with but done right can provide steady base of income. Constant monitoring is required as well as checking how the price behaved in the past when similar patterns formed (e.g. on this instance what did Gold react to a joint decline on Usd-Jpy and Stock markets but not on DX). What I spotted in the past is that the Gold loses strong correlation with DX every late April - early May and is more correlated with Stocks or Usd-Jpy. New Bearish move on Gold will come as no Technical surprise. Keep in mind that my approach is swing trading (Long term positions) within quarterly cycles and my goal is identifying the correct trend for a longer period of time, even if it lags to a small extent. Target remained the same.