Similar market sentiment prior to last week / Bullish Gold

Gold's general commentary: Gold so far isn't capitalizing on today’s session candlestick pattern on Daily chart as the mild decline on Bond Yields (# -0.36% notably throughout Friday's session) still keeping Gold ranged but with Bullish gradient on Hourly scale. Bond Yields are testing the #2-Week Support zone again, able to form Double Bottom rejection as reddish candles are arriving (after such FOMC commentary) which are more than less Bullish-wise for Gold hence Gold should benefit when Bond Yields are losing. DX is Trading near the Support zone and rebound there might reverse Gold’s correction attempts and such pace should practice Buying pressure on Gold (DX is #2nd on importance list at the moment). As discussed before, this is the Natural consolidation process after an Overbought run, limited to #1,882.80 - #1,884.80 configuration (strong Support zone). I doubt the further downswing since Selling on such Bullish bias is not advisable, especially with constant news about crisis escalation on Russia - Ukraine front which makes Investors to flee to safety and add enormous Buying pressure on Gold.


Technical analysis: It is important to note that the Price-action should continue Trading within Bollinger bands (Hourly 4 chart), while taking Monthly precise variable (August #7, #13, #26) Gold touched the bands line and always retraced, which gives credence to Traders which are using BB and personally as my estimations are showcasing that Price-action should continue Trading within Hourly 4 chart’s Bollinger Bands after #1,917.80 is touched and Fundamental dust settles. Also what is worth noting is that Hourly 1 chart was about to print the Double Bottom rejection which Technically is giving Low accuracy patterns which are not worth entering (unless one of the benchmarks break). It should be no surprise that Gold is Trading around its #1,900.80 Resistance (with Bond Yields invalidating the downtrend) ahead of the upcoming week, able to convert into full scale oscillation towards #1,917.80 Higher High's peak. Since Selling is strongly limited, I am not interested in Selling Gold even though Support zone breaks, while I will Buy Gold on spot if #1,900.80 gets invalidated towards #1,917.80 Ultimate Top peak. Gold is still below the Hourly 1 chart’s Resistance cluster but as discussed, the upside potential remains intact and Buyers may Target #1,917.90 Higher High’s peak and eventual Ultimate Top on the aftermath. All developments didn’t invalidated Gold’s underlying Bullish Short-term trend despite Bearish Technicals. If the Higher High’s Lower zone breaks however (#1,891.80), I will be looking at the very real possibility of a #1,882.80 push, and by my estimation, chances are slim for that outlook to develop as Gold still holds some Bullish bias (Fundamental pressure from war tensions, and both correlating assets losing with every Hourly candle).


Fundamental analysis: Gold is on certain upswing where Price-action always respects the underlying Medium-term trend (which is Bearish) - In other words, Gold is soaring purely fuelled by Fundamentals and when those leave the scene, Gold may fall back under Technical course (testing #1,852.80 barrier and #1,800.80 sequence in extension). For now, only asset which keeps Gold ranged are U.S. Bond Yields and persistent effort in shape of Buying pressure from Fundamental side. I expect more Bullish Price-action as U.S. opening Bell approaches, and #1,917.80 (upside extension for now) within #3 sessions. Daily and Weekly chart turned merely Bearish, which confirms my Selling outlook once peak is priced in. If Gold recovers #1,900.80 psychological barrier it would be another Buying signal towards #1,917.80 or more, while #1,882.80 Support break can put #1,866.80 Lower High’s Upper zone extension in motion.


My position: For now, I am not interested in Selling Gold, while I will be ready to Buy Gold if #1,900.80 barrier breaks (towards #1,917.80 extension) and then look to Sell Gold on Medium-term towards #1,852.80 fractal.