Currently on Sidelines

Yesterday I witnessed (once again) how Fundamentals (reports) can momentarily distort Technical trends, as a seemingly Bullish Hourly 4 Chart candle (E.U. opening) closed in huge losses as an disastrous #2nd event was out of the ordinary and this kind of sequence didn’t occurred for more than #9 Years (since #2011 - ADP Nonfarm Employment and ISM PMI) didn't had similar numbers - that both announcement miss their estimates) which resulted as an Oversold run and Gap fill towards Daily chart #MA50. The Bullish Daily Medium-term trend of the Ascending Channel was broken on predominantly Selling bias, since Gold was still on the #1,695.80 High Volatility Variance. If my Weekly regressional forecast is correct on a future Bullish Weekly candle succession, then early next week Gold should trade above #1,717.80 and finish the week in gains. As I can see, the proposed Ascending Channel which I mentioned in my previous posts is wiped out and not dominating the Trade. I surely miscalculated the trend and from a clear Buying sequence, Gold went on #37$ Oversold run and removed Buyers from the market (my SL got hit around #1,708.80). Gold's greatest “success” this week was posting it's first Hourly candle with gains since two straight on heavy Sells. The Price-action will be next looking to fill the #1,700’s contact point, but personally, it is too early to make a move. Gold is Trading against all correlated assets and I doubt it will continue. Gold needs to recover #MA200 first to revive the Bullish bias, if that's not the case, #1,680.80 test is possible with #1,647.80 extension (if #1,680.80 is broken). I'll monitor the Price-action from sidelines.