Gold is on Stimulus fueled rise / Buying continuation ahead

Gold's general overview: Gold broke above the (#1W) #MA50 (Weekly chart) and is effectively re-entered the Medium-term Bullish territory. With the Hourly 4 configuration Supporting at #1,834.80, I expect Gold to hit #1,876.80 inside this Week if Gold continues to Trade on Fundamental pressure, fueled by Stimulus. However, I will be careful with my positioning and keep the Stop-loss a little closer on my position, as I might take my chances and expect Buying sequence / Buying confirmation even though that those Fundamental driven sessions can reverse anytime. The MACD is on a strong Bullish Cross, similar to that of November #30, the start of the previous Buying leg / scenario should be similar according the variance. Technically Gold is Bearish, but with Stimulus news, it is Fundamentally Bullish for Gold and is only matter of time how market will digest it, so for now I cannot afford to position myself on the Medium-term.


Fundamental analysis: Gold was providing excellent Technical Buying opportunity with great Risk/Reward ratio, with Price-action Trading above the #1,844.80 Resistance on Stimulus fueled move. The recent Bearish candles on DX are approaching its October Support zone, as Stock markets but mostly Bond notes have recovered more than #70% of the September #3 sharp fall. See how Gold (I am always using Xau-Usd on my commentary) is basically Trading against all correlations which is disproportional to Technical levels at it’s maximum. The fact that Gold has kept it’s Bullish momentum on the Hourly 1 chart despite the Stock markets/Bond notes recovery, reveals the Bullish shift on it’s Short-term trend. I just have to be careful now to Buy any dips that I will be given as for now I don't see any such opportunity for Gold’s further fall, new Profitable pattern is - closer it gets to #1,800.80 psychological barrier on the Hourly 4 chart, where Gold could price a Bottom and deliver reasonable Buying opportunity and later on sequence. The pullback on Stock markets isn’t working favorably on Gold, counterbalancing the rebound on the Bond notes, as such configuration could bring Gold back to the #1,795.80 and #1,780.80 extension once when the Fundamental pressure eases. Once the DX stabilize, the Bearish Medium-term trend on Gold will continue and should again apply Selling pressure on Gold and this is why I remain Bearish regarding Medium-term.


My position: As discussed above, even though that Fundamental driven sessions can reverse anytime, I will engage my Buy orders calling for #1,865.80 extension, if #1,846.80 breaks. First Support is priced at #1,833.80, and if #1,865.80 breaks, I will re-Buy towards #1,879.80.