All Bullish Targets concludedAs discussed throughout my Wednesday's session commentary: "Technical analysis: This and last week’s Fundamentals missed their estimates by a respectable margin and the DX found the Support and already pulling back on a strong Hourly 1 chart’s Bull candle. Bond Yields also followed that sequence (found Buyers on spiral downtrend aftermath) and the only reason Gold hasn't acted according to it’s first negative then diagonal correlation is the consolidation of Investors capital on High levels (using Gold as an safe-haven in High demand). Soon enough I am expecting 2 Gaps to be closed (DX downwards and Gold upwards) which will be ultimate Profit opportunity where Gold will deliver aggressive Buying sequence where I will be ready to pursue #3,027.80 Resistance zone beginning first then #3,07.80 Resistance in extension. However the Price-action is just above its Hourly 4 chart’s Support zone and it should start trending upwards anytime, so according to my Technicals and assuming no new Fundamental surprises, Gold is on the verge of an aggressive Bullish trend extension taken from recent local Low's. As long as Hourly 4 chart remains stable (Ascending Triangle slowly forming), Gold has more chances of breaking the #3,052.80 benchmark Higher High’s local peak than testing and breaking Daily chart’s Support zone (#3,000.80 benchmark barrier and below).
My position: I will continue Buying every dip on Gold taken from my calculated re-Buy zones as long as #2,992.80 - #3,000.80 Support zone is preserved and rejecting every downside break-out attempt."
Technical analysis: Despite the strong Bullish candle sequence on DX, Gold remains aggressively Bullish and above my Medium-term Support for the fractal as the U.S. session approaching and geo-political fears resurfacing. However, #3,037.80 - #3,052.80 is new / old Support zone made by the Hourly 4 chart’s candlestick configuration after Ascending Triangle break-out to the upside on Hourly 4 chart. Gold is still not pulling back again after it failed to break above it’s Higher High’s Upper zone on the Hourly 4 chart / however way above new ATH's. Still I haven’t got confirmation for Short-term Selling opportunity and it is still not worth entering the market without tight Risk management (all correction attempts are rejected due Fundamental Buying pressure). Monday’s session Wall Street opening Bell can have Bearish impact also on DX, hence Bullish for Gold. My Buying bias is unchanged as I will treat Bear spikes as an oscillation from Overbought to Neutral (Williams%), which may create new space for aggressive Bullish extension. Needless to mention, current environment is Gold friendly (recession fears, safe-havens such as Gold are in High demand, Fed stance). Spot how Gold's strong Resistance level is far from fair symmetrical manner with disastrous side Swings on DX as my strongest correlation so far. I am Highly sceptical, and having strong reservations of current Gold’s relief rally extension as I do believe that we are near the Ultimate Top, and since it is last session of the week, I do believe Profit Taking will take place as I don't have any active Buying orders / all closed with recent High's.
My position: As stated above many times, Gold is on undisputed Bullish trend and total Bullish domination however Gold is near the Top and Sellers can expect some Selling action due to critically Over-bought waters Gold is Trading in. I am Buying every local Low's on Gold for a long time now for once again brilliant Trading week. I am satisfied with my results and taking early weekend break.
