Gold entered consolidation Rectangle once again

Gold's general commentary: Constant efforts of Gold to defend lower levels was not sufficient as Selling pressure was evident throughout yesterday's session (Investors are moving capital from Gold to riskier assets / Yields due to High Inflation variable). Gold reached out almost #11 points from #1,800.80 psychological barrier but got rejected due to strong Volatility Bond Yields are Trading under (Hourly 1 chart Double Bottom) and it should be no surprise that Gold was Trading near Support. If Support is broken Trading at #1,760.80 (as I Sold on spot during Asian session and closed the position once I saw different values on Bond Yields) Gold will be calling for #1,744.80 extension as Price-action might pursue #1,678.80 much earlier than expected. Personally, I believe that Gold is Technically equipped to start reversing into a new Bearish leg, despite what today’s U.S. session opening Bell has to offer, but Technical rules don't apply on such sessions and only viable plan at the moment is to track and copy Bond Yields moves and then make an decision on Gold. The narrow U.S. session yesterday and closing should had a Neutral effect as Investors will probably focus on weak announcements reading. As discussed many times, my focus is on Bond Yields which will simply validate the Bullish or Bearish reversal as this is far from fair Technical Price-action of Gold. Expect extreme Volatility in the following sessions and strong side Swings. Keep in mind that my approach is Swing trading (Long term positions) within quarterly cycles and my goal is identifying the correct trend for a longer period of time, even if it lags to a small extent. #1,760.80 is strong Support and break of can engage #1,744.80 sequence, calling for #1,727.80 extension as Buyers are slowly disappearing from the market, but on the other hand, Gold closed the market above the Resistance, delivering mixed signals which could spike Price-action both ways.


Technical analysis: No changes on the Daily perspective as the Price-action remains Neutral above the Daily chart #MA50 and below the Hourly 4 #1,784.80 Resistance (if broken, market sentiment turns from Bearish to Bullish on the Short-term). As it is obvious, observing the Price-action, no Technical rules matter on current sessions as Gold only mimics the Bond Yields movements which are impossible to foresee (Inflation on more than #2.3% and FED without rate change), and that is why I will ready to monitor Yield charts and cut my positions within #3$ as long as I need to, until I spot Profitable pattern (no point to gamble on ranging markets). The market is waiting for a catalyst and next move will be a aggressive one, I see no alternative under such a Neutral Hourly 4 setting but to operate with breakout strategy as the market repeated the Thursday’s fractal, breaking the Support then reversing from the broken Channel Up's Bottom, breaking the Resistance, then again reversing, following in step the Bond Yields.


My position: I will Buy Gold towards #1,805.80 if #1,784.80 breaks (and Yields without a Bullish comeback), and will only Sell if #1,760.80 strong Support breaks, no positions between this area.