Sell order activated / Gold remains under heavy pressure

Gold's general commentary: As expected the only viable Trade on the Short-term was #1,658.80 - #1,662.80 Support fractal breakout, and this was once more confirmed throughout today's session way below my Neutral Rectangle range (Xau-Usd Spot numbers), where Gold pierced the Support zone once again (counterbalanced by constant Low’s on Bond Yields), and with traditional Volatility on DX (changing perspective / bias almost on Hourly basis), reversed again near towards and got strongly rejected near Short-term Resistance. Current configuration was only suitable for Scalpers of the market, as they are getting most of the returns out of this Price-action. On the more Longer-term though it appears as if the Daily chart’s #1,682.80 - #1,684.80 is acting as a Resistance cluster, rejecting any upside breakout since early October (in fact also rejected the Price-action session ago).


Technical analysis: As with the Hourly 4 chart, Price-action is isolated within an healthy Descending Channel, Hourly 1 chart is also Neutral / once current configuration picks a side, that will be in my opinion the new trend (most likely, I will have more with today's U.S. session candle). Current Technical Bearish opening wasn't invalidated even though Bond Yields broken Hourly 4 chart’s Support zone, development which could Buy back the Support break on Gold, slightly balancing fair Technical value which should be below #1,652.80 barrier already (fair estimate). I am expecting Short-term swing towards #1,652.80 psychological mark, and possible break can deliver #50 point movement downwards in continuation. In both cases, I am expecting #1,600.80 test on the Medium-term. Since Fed is delivering more and more hawkish bets and DX is about to fill the Bullish Gap, I see no firm reason why Gold shouldn't test #1,633.80 Support first ahead of #1,600.80 psychological mark.


My position: As stated above, I am heavily on Selling side. Therefore, I have engaged my Selling order (#1,655.80 as an entry point), aswell with my portion of Medium-term Selling orders ready to pursue #1,633.80 extension. This is undisputed Bearish trend and Gold is under total Selling domination.