Buy order activated / #2,052.80 Target to monitor for Buyers

Fundamental analysis: New #2-session High’s is seen Trading at #2,028.80, above #2,003.80 (also representing strong Support) is tested on Intra-day basis as Hourly 4 chart is assuming control of the downtrend on a smaller scale with Daily chart still not becoming Overbought (slowly turning from Neutral to Bearish). This may suggest that the Ascending Channel requires consolidation before it moves Higher with a rejection near #2,030’s twice already forming a Double Top (April #5 - April #12 sequence). In any case, yesterday's Daily chart’s candle was so strong that it erased #40% of the gains of the previous #2 (remember my commentary about expecting aggressive Daily chart’s candle ahead). This has put Weekly chart (#1W) back on Bullish track and with Bond Yields breaking above #3.44 Resistance once again, I can't see how Gold can protect the #2,052.80 psychological level for much longer, unless Bond Yields extend the further weakness (unlikely). Despite entering back an Hourly 4 chart’s Neutral Rectangle, Gold is purely responding to the Fundamentals (CPI which went in my favor as expected) and Bond Yields as my main correlation and if there are no further surprises Investors should seek to offload the Medium-term Buying orders near Support zone once again. This also confirms to the Medium-term Bullish trend of Gold, Ultimate Top of which I don't believe Gold still reached regarding Annual fractal, and the Bearish projection of Bond Yields. I expect Buying accumulation until the late Hours of the U.S. session (probably around #2,020.80 - #2,027.80 followed by a sharp Bull turn towards #2,052.80 psychological benchmark and Medium-term Resistance zone).


Technical analysis: Gold has been sustaining aggressive Support break attempts (cca # -0.80% respectively on both occasions) shifting the Weekly chart to (# -0.68%) merely. Especially yesterday’s session Three Black Crows candle formation which added Intra-day's Selling pressure on the Price-action. As mentioned on my commentary, since Hourly 4 chart was Trading near Double Top, Buyers should mark the #2,027.80 - #2,032.80 as new Resistance zone. Hourly 4 chart have formed Rectangle again as I will stick to my current Trading plan and pursue #2,052.80 extension. Gold eventually honored the Fundamental side (Gold as a safe-haven in High demand currently) and is Trading on a Bullish pattern isolated within the firm Ascending Channel. Now this is widely uncharted territory on the Hourly 4 chart. Typically the Ascending Channel is a pattern of trend continuation, marking a Bottom and turning Bullish on Short-term even though that Weekly chart's Triple Top zone should be invalidated for the first time since March #7, #2020, so realize the significance of the level.


My position: As stated above, I have engaged Buying order with #2,020.80 as my entry point. Optimal Target remains #2,052.80 psychological benchmark where Resistance zone break will add credence to Buyers.