Gold remains under heavy Selling pressureGoldOANDA:XAUUSDgoldenBear88As discussed throughout my yesterday's session commentary: 'Technical analysis: Gold was eventually rejected at #4,002.80 benchmark or at #4,027.80 line of utmost importance I mentioned many times to be more precise and after last week's series of Bearish candles, the Price-action is now consolidating. Weekly chart (#1W) remains Oversold and is only a few candles away from the #3,902.80 psychological benchmark / Weekly chart’s Support extension and Lower Low's Upper zone (late October) of the Bear cycle. Gold is also virtually next to the Fibonacci retracement on Daily chart. Historically this level caused a (# -3.00%) decline followed by a lengthy consolidation. I am not suggesting that we had chance to dip more throughout today’s session or going Short, I will simply stop adding Sells for now and will wait for a slightly Higher entry. Remember that patience is needed while Trading Gold and the violent Volatility always favors the patient Trader who takes advantage of supply zones on obvious Gold’s cycles. And right now we are at in the middle of Short-term Bear market. Selling rally we are witnessing isn't just Technical but is also due to the very Bearish Fundamental results (Lower Unemployment Rate today signaled more Rate hikes from the Fed) and Investors taking cash out as liquidity as they prepare for next quartal. Overall on the Short-term Gold is very Bearish due to the global fears easing along with Stock market frenzy calming / package which is far from Gold-friendly. I will look to re-Sell as Higher as I can today however my Profits are already great to be ignored so for now I will continue monitoring Price-action from sidelines before making new move. Market structure is critically Bearish and if #3,952.80 benchmark gives away, #3,902.80 is next inevitable direction. Technical analysis: The Hourly 4 chart’s Ascending Channel started on mid October got invalidated to the downside on one of the most aggressive Bearish candle sequence regarding Annual fractal. This move is attributed to the Technical necessity for #3,902.80 hard Support zone test extension and the Bond Yields on parabolic downtrend (not beating the forecast by a good margin as speculators expected) which shifted cash once again in High demand and safe-havens such as Gold in Low demand zone. Fundamentally, Investors are drawing the liquidity from almost all assets (Stocks, Bonds, Gold) and turning it into cash as Gold is cyclically more sensitive to such developments. Bearish Gap fill on Yield was applying additional Selling pressure on Gold (also representing necessary confirmation) which now aims to find Support within #3,990’s where the Daily chart’s Support fractal also happens to Trade within and only winner of current configuration is Oil. I will continue Selling Gold as I did throughout yesterday's session and sole reason why Gold delivered upside spike which was later on Sold is developments on Middle East problematic. I will continue Selling Gold throughout the session as all timeframes are red.