Gold delivered decline I announced / #4,002.80 strong Support

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Gold delivered decline I announced / #4,002.80 strong Support​

Gold OANDA:XAUUSD
goldenBear88

As discussed throughout my yesterday's session commentary: 'Technical analysis: Solid bounce so far on yesterday's local Lower Low’s as the Price-action was rejected on the Daily chart’s #4,142.80 - #4,152.80 Resistance zone giving shape to a serious Descending Channel. Hourly 4 chart marginally turned into Bearish phase though again however I will not get carried away as long as Gold is seen Trading below the previous High’s. #4,102.80 psychological benchmark was also a Fib rejection just as today's session #4,082.80 is. Indicating a clear pattern downwards on the Short-term, I am still sitting on the last Sells for the fractal which I will decide if it is worth keeping on the Weekly chart’s (#1W) candle close. Note that since the big parabola started in mid-September, I only had two Daily candles out of #9. Speculating when a series of red weeks will continue on an even more aggressive Bear market (of course Short-term) than the last one is without a basis however correction will be even more aggressive than current relentless rally. I have been Selling all week long and my Profit quota is delivered already. I predicted #4,102.80 benchmark break-out to the downside and Gold is now Trading in Bear waters. My practical suggestion is to re-Sell each High’s that Gold delivers if you failed to utilize my Selling suggestion this week.'


Technical analysis: Hourly 4 chart has taken a pause from the Descending Channel course to form a #1 - #2 session symmetrical Triangle as the absence of economic news was causing sideways action which is now gone. Apart from that, yesterday's #1,465.60 High can be distinguished as a Higher Low on the Daily chart Channel Down demonstrating that the trend remains Bearish. The DX did approach the Support zone however Gold extended Selling sequence I announced with #4,145.80 break-out to the downside and is highlighting heavy Selling pressure it is under. The Hourly 4 chart's Bull retracement has no further room to go, so I don't expect this consolidation to continue for long and more pain for Buyers after #14:00h throughout the session today. My focus shifts to the Fundamental events due to the ties with Bond Yields with my Short-term Selling trend intact. If #4,002.80 benchmark / line of utmost importance holds and reverses current sequence, Gold will engage relief rally. However break-out and Weekly closing below #4,002.80 (which remains floor for current Bullish Long-term structure) gives away, it will be distinguished as major Selling break-out to the downside (even #3,500's as Long-term Technical Target) so realize the significance of this level.