Gold rising solely on Fundamentals

Fundamental analysis: With the Fundamental events positively exceeding forecasts and as discussed, Gold is soaring on #3-consecutive sessions of Buying run while Bond Yields still didn’t made an recovery attempt and added significant Buying pressure on Gold. Technically, it is huge surprise that Gold made a session High's near #2,080.80 as every Resistance zone rejection can be considered as an another Selling opportunity (and vice-versa regarding the opposite side). Current Bullish spike is mainly attributed to the turnover on both DX and Bond Yields and traditional Gold’s uptrend on Fed monetary policy hike aftermath, even though that peak rejected the Buyers intent on multiple occasions. It is important for the Hourly 4 chart to break the Support cluster of #2,025.80 - #2,028.80 on one try, as the current momentum still holds some Bullish bias. Gold is near the Higher High’s extension, so according to Historical resemblance - Gold always repeats it’s cycles and every Higher High’s peak resulted as an #50 + point decline on the aftermath. As previously discussed, the Short-term trend is still Bullish and will only reverse if the current Weekly (#1W) candle ends in losses (Breaking and closing below the #2,000.80 benchmark), which presently has slim chances. Gold has rallied in #2020 - #2023, rising to Highest Levels of all times, as Investors contemplate slowing economic growth, prospects for easier monetary policy in the U.S. and Europe and festering Trade frictions. With that being said, I will not consider Buying anymore and will only turn to Selling Gold on Medium to Long-term. Current bias was heavily dependable on Fed statement.


My position: My projection of Fed raising rates was spot on where I just caught #10 point Profit, implementing re-Sell position from #2,030.80 towards #2,020.80. I was expecting further takedown with press conference on the aftermath, but Fed's chair delivered dovish surprise (which indeed was not expected), sequence which skyrocketed Gold and exceeded relief rally. Fundamentals are once again saving Gold Buyers as banking crisis and recession fears are rising. However, as soon as Fundamentals leave the market, prepare for total Selling domination (every time RSI on Daily / Weekly chart reached critically Overbought levels, aggressive decline was delivered on the aftermath). Hourly 4 chart is about to deliver Death Cross, keep that in mind prior to positioning. I am looking for suitable re-Sell point (#2,035.80 - #2,038.80) where if #2,025.80 breaks, expect #2,000.80 benchmark to be filled on the path to the downside. My practical suggestion for Traders with smaller margins is to keep away for now.