Gold on decline as expected / first Profit in new Year

As discussed throughout my recent analysis: "My position: Even though Technicals are switched to Bull side due recent Fundamental rise, Buyers have to be extra cautious as DX delivered #52-Week High's test few sessions ago which is a messenger that Gold may be ready for Medium-term Bearish reversal. I will look to re-Buy Gold as long as #2,652.80 holds. I am back after my vacations break and expect usual Daily analysis here as normal."


Technical analysis: Gold gave away the early session Profit and reversed inside the newly formed Hourly 1 chart’s Rectangle for a new Support zone test. You may take some time on the side to continue Trading this range, but the overall critically Bearish larger charts will eventually prevail. I am fully Bearish and my model is pointing to prolonged weakness on Gold as I took my first Selling order on #2,652.80 break-out (#2,647.80 entry point) and closed on #2,635.80 with decent Profit. Remember as long as Gold is Trading below #2,652.80 benchmark, Price-action within is Bearish and keep Selling every High's on Gold.


My position: I have engaged another re-Sell order with #2,636.80 entry point (optimal Target remains #2,622.80 Support in extension. If #2,627.80 gets invalidated Gold will extend the Selling sequence, if however #2,627.80 rejects the Price-action, I will close my order there and remain on sidelines.