Buying bias near exhaustion / Crossroads of the Short-term

Technical analysis: Gold has so far managed to break above the key #1,818.80 pivot line, holding from November #21 and that development alone attracted Gold’s Buyers which pushed the Price-action towards #1,833.80 Resistance, forming an Bottom which can represent last Higher Low’s on Hourly 4 chart’s former steep Descending Channel that started after the February #7 Lower High’s peak. Hourly 4 chart is turning Neutral which is a Natural reaction on Higher Low’s Bottom formations and I personally expect (within #2-session horizon) an decline in continuation towards the #1,817.80 - #1,823.800 zone which should be turned into a Support if this #4-week consecutive Selling spree is to be transferred on the Medium-term as well. Then, if that configuration breaks, my Target will be #1,800.80 benchmark once again. Note that currently it is the DX which keeps Gold on recent High’s with it’s current weakness, as Bond Yields (# +0.85%), though Bullish on the Medium-term, rebounded on it’s Support zone and is now pricing in new Resistance. Personally, current Intra-day recovery on Gold was over-extended, and almost #31 point (again, Intra-day relief rally) recovery on Gold is rarely seen. Price-action has recovered Weekly candle (#1W), currently on (# +0.827%) making Weekly High's at #1,838.80. Volume however is extremely High and may indicate that there are Medium-term pending Selling orders near #1,830.80 - #1,840.80 Resistance zone which may stall the uptrend. Hence, #1,845.80 is posing as an strong Resistance line and as Buying bias is showing signs of exhaustion (pricing a potential Top here), more and more Investors are interested in Selling the market.


My position: Even though Gold delivered sharp #4-session recovery, I am having strong doubts and reservations regarding Buying sustainability, at least for the Short-term. #1,800.80 psychological benchmark is still optimal Medium-term Target. I will look to re-Sell Gold as close as #1,845.80 Resistance, Targeting Lower levels. It is important to note that the Price-action will follow the DX movements and whole configuration on Gold will depend on how DX fares into coming sessions. Implement strict Risk management if you decide to Trade this and even though my Trading results are excellent, I am not willing to take strong bets on the market until Profitable pattern appears.