Technical analysis: #1,750.80 barrier is so far holding and is the level I am focusing at since #14 sessions. Fed talks quickly down-played the quick recovery hopes which Gold Investors had, especially since March, and the last week’s sharp Yields Sell-off still didn’t benefited Gold as a safe-haven. I am on critical cross-roads, as I have been mentioning the past few sessions, Gold has regained its negative correlation with DX and Usd-Jpy , while Yield is less important, at least for this week (Yields are on parabolic uptrend, and no reaction on Gold which erases itself from main correlation assets list). Adding to that the fact that DX is on a gradual uptrend since late September, quickly understand why Gold is still on Lower levels even though the Hourly 4 chart is on Higher Low’s / Lower High’s, but on the other hand, there are no good news for Gold’s Buyers. Main evidence is that Gold Trades within Neutral zone before pricing the major move (ignoring #4 out of #4 Resistance breaks on DX lately). On October #29, #2020 – Support was broken and Price-action bounced back again, on the aftermath, (November #8) Price-action broken the Higher High Resistance extension strongly #(1,960.80 then) and bounced back on #1,855.080, which resembles that Gold always Trades on Inflated prices ahead of serious takedown.
My position: I closed my yesterday’s session Selling order on breakeven, and will only engage again if #1,750.80 breaks (and DX above the ). Market speculators are preventing the further downtrend ( Gold is currently Trading on inflated prices, as Investors will understand why once Gold dips so easily towards #1,700.80 psychological barrier). #1,722.80 is well guarded as it is the final Medium-term , and break of can extend the Selling sequence and touch #52-Week Low on Gold . I am patiently waiting for #1,750.80 break, where I will pursue #1,722.80 with my Selling order.