Buying bias less possible / Gold eyeing #1,900.80 barrier

Gold's general commentary: Xau-Usd (Spot prices) broke the #1,952.80 barrier (posing as an Resistance area) but quickly retraced and Sold back below it (since Bond Yields were Trading on side Swings) and in my opinion if the current Hourly 1 candle (which is the breakout candle) breaks the #1,920.80 - #1,918.80 Support zone fractal, then most likely, Price-action will be headed towards the Hourly 1 chart’s Bottom seen Trading near the #1,900.80 psychological barrier. Current configuration offers me no Short-term opportunities as Trading on such Price-action will only deliver holding worthless positions on unprecedented Volatility (Selling without a confirmation). Fed minutes were aligned with my expectations regarding rate change but dovish speech from Powell reversed Gold’s Intra-day trend, but the speech itself seemed to have little or no affect on Bond Yields. I am not expecting Gold to reveal a major move yet, so more patience is needed. Needless to mention, Gold is Trading near and miraculously approaching my Selling entry levels. I am expecting #1,900.80 barrier to be filled within #2 sessions, while I expect #1,882.80 and #1,827.80 regardless on Medium-term basis.


Technical analysis: Gold has hit and reversed near the #1,917.80 which is currently posing as an subsequent Support (remember the rule: what was the Support when broken becomes the Resistance and vice-versa). The Daily chart’s Resistance zone is far away from current configuration and in #3-Month timezone it always provided firm rejection point (#1,952.80, near former #13-Month High’s). In addition, it has always provided the Medium-term accumulation point for Sellers (slight exception the March #13 break on the virus asset wide meltdown which still lasted for less than #10 sessions). Since #1-Week Neutral Rectangle zone is broken (within #1,933.80 - #1,923.80) and Gold didn’t extended the recovery candles, therefore I believe a Selling towards #1,900.80 Higher Low’s Upper zone extension offers great value currently, if market closes below #1,927.80. It is important to note that surrounding the DX extended recovery candles to the DX-denominated commodity and might help limit any further gains on Gold, at least for current configuration. Sellers await for a sustained break below the #1,918.80 mark before positioning for any further takedown move within light relevant market-moving economic data (macro-economic). I see no other Technical alternative relative to current Selling.


My position: As I am not interested in Buying Gold on both Short and Medium-term, I will await sustainable #1,918.80 break and pursue #1,900.80 barrier with my set of Selling orders. With all the risks involved, if #1,900.80 psychological barrier gets invalidated, there is possibility that #1,882.80 might be filled Intra-day on the aftermath.