Gold is Targeting #2,252.80 extension

Technical analysis: Short-term rebalancing as Gold tested (successfully so far) the #2,292.80 Daily chart’s Support taken from #2,300.80 former local Low’s, with Daily chart finally turning Bearish which is spectacular news for both Short and Medium-term Sellers. As long as #2,300.80 benchmark holds, Sellers shouldn't worry since all major chart’s candles ends in red. #2,252.80 benchmark is the next Natural / logical Target (solution) of this Price-action based on a comparison with the April - early May fractal. Below #2,252.80 benchmark though I am looking at the very real possibility of seeking Support on the #2,000.80 - #2,200.80 Long-term zone. Long-term Sellers shouldn't worry also and should even welcome such declines as an opportunity to add more Selling orders.


Fundamental analysis: Uptrend sequence on DX represents one of the reasons which pushed Gold's value Lower as well aggressively while the Intra-day decline on Gold is what Sellers were expecting. #2,252.80 psychological benchmark is the next Technical Support on Daily chart and Naturally as long #2,300.80 benchmark holds on the other side, the bias is downwards towards Lower benchmark and if invalidated, Sellers will extend their momentum towards the #2,227.80 - #2,232.80 Symmetrical Support belt level (many similarities with recent Low’s). Price-action has been in a fierce consolidation since mid-April High's as Gold has completed many straight green Weeks which is a historic Long-term signal for Sellers.


My position: I have my set of Selling orders / plus a runner engaged on #2,300.80 benchmark with #2,252.80 benchmark representing my optimal Target. As long as Gold is Trading below #2,300.80 benchmark, Selling is safe and contains very low Risk move.