Gold on Bullish values as expected

5天前

Technical analysis: As expected Ascending Triangle on Gold got invalidated to the upside and touched local High’s, which should practice enormous Buying pressure on Gold which I am announcing and pointing on for more than #7-session horizon. No changes on the Daily perspective as the Price-action remains ranged above the Hourly 4 chart’s #2,662.80 first Support and within the #2,682.80 - #2,692.80 Resistance belt as Gold is respecting my both Support and Resistance zone. As the market was waiting for a breakout, I see no alternative under such a Neutral Hourly 4 chart’s setting but to continue operating with my set break-out orders (once when I engage again) within the suggested range. There is a delicate balance of Gold's Price-action (Xau-Usd Spot) with the Volatility on DX and Bond Yields (both going Higher throughout today’s session) and Usd-Jpy pair near Higher High’s (which is struggling to extend the uptrend, however pair remains less important at the moment). Speculators are what is keeping Gold Neutral but on Bullish gradient relative to last week. I see no further upside behind current Gold’s Buying response and will carefully monitor what today’s U.S. session will bring.


My position: As I announced that Gold is Buying every dip lately, I have engaged Buying order with #2,665.80 entry point throughout yesterday's session and closed it on #2,683.80 few moments ago. I will continue Buying Gold only if #2,692.80 final Resistance gets invalidated and market closes above it. Otherwise, small correction is due however #2,700.80 benchmark remains Short-term Target for Buyers.