Gold on Short-term crossroads / Buying pressure visible

Gold's general commentary: Gold is being kept below the Hourly 4 chart’s Resistance zone of #1,818.80 - #1,821.80 despite the rejection on DX and continuous rise on equities, Gold didn’t manage to prepare the terrain for further the uptrend, according to my Technical estimations. Besides the Low Volume and evident Price-action showcasing of Neutral trend, is is strongly possible that the Bond Yields (# +0.67%) is what's keeping Gold Lower, relative to circumstances. Regardless of that, the Daily chart’s Support (Medium-term) is Trading just few points below, at #1,782.80, if broken it can open doors for #1,752.80 psychological mark test and is alone a positive development for Sellers ahead of the end of the Trading week. Hourly 4 chart remains isolated within solid Descending Channel and being Bearish indicates a Short-term Selling opportunity towards #1,752.80 psychological mark if Support gets invalidated. Keep an eye on the Bond Yields when the U.S. session opens (Bullish Gap fill) throughout today’s session in order to get more information and pointers of the Intra-day direction.


Technical analysis: Gold got rejected at #1,821.80 (many rejections on current pressure point) and since the pullback wasn’t Bought back above the Hourly 1 chart’s Buying accumulation zone, current Price-action points that the Selling sentiment remains unchanged as this is just one of the last Annual Trading weeks. That keeps the Hourly 4 chart’s Descending Channel valid (already converted to a Bearish Flag / messenger of Selling continuation ahead), with #1.752.80 configuration currently representing it’s local Lower High’s Upper zone). Technically, if the #1,800.80 former Support now turned to Resistance breaks once again, only then Descending Channel breaks and Gold should Price once again Higher High’s local peak. There are no High impact macroeconomic reports throughout tomorrow’s session, the combination of soaring DX (now Bought back the dip) and mere decline on U.S. Bond Yields is a mix which will add even more Volatility. Another configuration / which may benefit me on the Long-run is that DX is becoming my strongest correlation at the moment regarding Gold market. Keep in mind that sessions ahead of the holiday may contain Low Volume, and such sessions are best to be avoided. If Gold closes the market below #1,792.80 Support, #1,782.80 may be filled Intra-day, however test and break of #1,800.80 psychological mark is turning Gold Bullish once again on the Short-term. Indeed current session is pointer for both Gold's Short and Medium-term (Rising Wedge).