Gold within Neutral RectangleTechnical analysis: Recovery continuation on Gold throughout one of the most Volatile sessions of #2-Month fractal (at least for now), in configuration (which should be Technically Bearish for Gold) on the E.U. opening aftermath, where Bond Yields (# -2.00%) possibly reached the Bottom and are currently on aggressive takedown path at the moment, which is adding constant Buying pressure on Gold. Uptrend on Gold is stalled as news hit all market classes and trend Intra-day shift on both DX and Bond Yields on spiral downtrend can accelerate Gold upwards and touch #2,952.80 psychological benchmark. I will continue Buying Gold as long as Bond Yields are without a recovery and DX on such weak numbers. Fundamental events should appear as relief news (at least for Gold’s Buyers) and make DX break well defined Support fractal and Gold to gain (much more attractive for Investors which are and will be looking for safe-haven assets in High demand), but configuration went other way around, and not to calculate more, there is the rule which I mention constantly (what was the Support, becomes the Resistance and vice-versa), I am a bit surprised that Gold recovered this much without a catalyst and #2,952.80 Medium-term Resistance got tested and invalidated on multiple occasions will shift Gold from Neutral to Bullish on Medium-term. I will monitor the situation and will await for confirmation of a breakout (either below the Hourly 4 chart’s Support or Daily chart Resistance), in order to Buy again, pursuing #2,952.80 benchmark with my set of Buying orders. That is the plan and it is my belief that it is the most viable one to get the most of the current Price-action. I still don’t have entry confirmation as Technically Gold is Trading on Ascending Channel however contain Intra-day Selling opportunities, regardless both correlating assets are Trading on disappointing numbers so Bullish trend is here to stay.
My position: I have engaged few re-Buy orders which delivered few #8 - #10 point Profits and re-engaged Gold on #2,934.80 and aimed to keep it over-night with Stop on breakeven. However my Stop got invalidated late Asian session and left me without any patterns to Trade by. #2,918.80 - #2,921.80 represents Support zone for now and every rejection there is #20 - #40 points Buying opportunity. Keep Buying the dips and Sell with cation since this is undisputed Bullish trend.
