Engaging my Selling order, calling for #1,773.80 extension

Gold's general commentary: Current strong critically Overbought levels are nothing more than a product of Fundamental pressure - mix of Bond Yields near #4-Month Low’s and uncertainty of the Fed about tapering and future rate change in battle against Inflation (which is probably drawn out of general indecisiveness of the Fed chair and Central banks interests for Gold again). On a normal Trading session however, Technical models and rules are there to be followed, since #1,850.80 should be fair Technical Price as Yields engaged one of the greatest spiral downtrends in #8 quarters, as current Price-action is far from it and Technicals don't have any significant meaning (don’t apply on such sessions). That's why I decided to stay aside for a while and wait for more secure takedown of this configuration and Profit from it without hurting my capital.


Technical analysis: It is pure gamble with mix of luck to "Buy the dips" as every point away from fair Technical Price-action I mentioned above cannot be predicted or foreseen with any Indicator or Pattern (models I am using usually), so rarely a Professional Trader would Buy or Sell (engage any kind of order) the Fundamentally driven sessions as it can backfire sooner or later. It may grant excellent return on investment, but always changing Supply-Demand will interfere and according to my estimations, there is more harm in it than benefits. If I can draw anything positive from the current Price-action, is that Gold (with current Yield numbers) should be significantly Higher under the circumstances, but market speculators are strongly limiting the uptrend. Regarding my Technical estimations: Gold is currently just below the Higher Low trendline of the Channel Up and initial movement was engaged approximately from June #28 to July #2 (gradual #4-session soar). It is important to note that within that Channel Up, the Price-action always tested the Hourly 4 chart’s Resistance zone after Support rejection, so assuming no further news from Fed in general - It moved me to engage Medium-term Selling sequence since I have Technical green light for it. If however #1,792.80 breaks, that would be a Bearish continuation call towards #1,773.80 and #1,752.80 in extension.


My position: I engaged my Selling order near #1,804.80 configuration, aiming for #1,773.80 Selling extension.