Gold is Targeting #1,927.80 Selling extension

Gold's general commentary: Price-action came even closer to my projected #1,952.80 Support fractal for the Medium-term. As expected the #1,988.80 - #1,991.80 structure acted effectively as an Resistance zone as it was placed near the last MA periods on Hourly 4 chart. Daily chart is again marginally Bearish only Supported now by the #1,952.80 which is interval level, and if Support breaks #1,927 Selling extension will be set in motion (Daily chart suggests an even Lower Support base towards #MA50 which is reasonable configuration to expect considering the wide frame on my Volume indicator. Keep in mind that underlying trend remains Bearish (due recent Selling developments) so keep #1,952.80 benchmark as your potential floor for the session as Hourly 4 chart broken below Double Bottom on #1,970's. Resistance zone test can be distinguished as an re-Sell opportunity for potential added value. Always consider that Price-action is still inside an Short-term Bearish cycle (called on #2,000.80 benchmark break as a major breakout) with (#1W) Weekly candle on mere (# -2.05%) on the verge of closing May’s fractal in losses, suggesting that the Price-action still didn’t delivered Medium-term Bottom on current Bearish cycle.


Technical analysis: Important session on Gold ahead as it is finally testing Lower Low's Upper zone, which initially started with the May #12 Higher Low’s Upper zone (and then made Higher Low's Lower zone on May #16). If today's session Hourly 4 chart's candle closes below #1,985.80 sequence, Gold may start new multi-Month Bearish cycle that will set the framework for the next #2-Month horizon, breaking also #1,952.80 benchmark will represent possibility for aggressive decline towards #1,927.80 Support in extension (remember my commentary regarding cycle which had decent chances to be replicated from #2021, where Double Bottom rejection delivered relief rally, which was later on aggressively Sold (what is happening at the moment as I announced aggressive takedown on Gold since #2,000's). It is best to Trade the current direction and not the Oversold sequence solely. Common factor is that after every such Higher Low's Upper zone rejection and eminent breakout, the Price-action always dipped around #70 points (#1,927.80 is my fair estimate).


My position: I assume no new orders as I am Highly satisfied with my Trading results as I will be looking to re-Sell Gold's Dead Cat bounce (#1,980.80 - #1,985.80) re-Sell zone. Do not Trade against the trend, constantly Buying every Low's that Gold delivers, your account will be liquidated since you are Trading against the trend.