Buying strongly limited / Gold eyes #1,750.80

Gold's general commentary: As Gold is within Hourly 4 chart’s previously broken Ascending Channel, this is very cautious market at the moment. As long as the #96.00 level on DX holds and the Bond Yields continue with their Volatile phase on Weekly chart (#1W), I expect Gold to remain under pressure and Trading sideways both on Hourly 1 and Hourly 4 chart. I do expect however the currency speculators to push DX as Low as they can, in order to secure a more comfortable Long - Buying entry in the late session. Technically, Daily chart is stuck inside an Rectangle aswell on High Volatility variable that can keep the Price-action inside #1,790.80 - #1,800.80 until today’s U.S. session opening Bell. I am still expecting a break of the #1,788.80 Support within #3 sessions, and my #1,752.80 Target extension, break of which can negate Buyers on Short-term. I expect consolidation for the rest of the session and U.S. opening to provide Investor sentiment ahead of Fundamental developments. Break of #1,800.80 psychological barrier can spike Gold upwards and push the Price-action towards #1,808.80. I am still looking at #1,752.80 initially. Gold is rising purely on Fundamental factor (global lockdown fears, new virus variants outbreak), and Trading such sessions is dangerous game.


Fundamental analysis: The Price-action found strong Resistance at #1,812.80 - #1,815.80 as expected and that development naturally attracted Selling pressure. The previous Hourly 4 chart candle stopped below the Resistance zone and the current one should stop below the #1,782.80 (as I noted many times that it is dangerous to Buy Fundamental rises). I don't expect Gold to Trade any Higher than this week’s numbers especially with RSI lately rejected near #8-Month Resistance lately (that was the sole reason of Short-term decline throughout current #10 sessions). Regardless of that, the Weekly chart’s Double Top constitutes that the #1,678.80 should be tested once again and make a rebound only near Lower Low stabilization zone (near #1,650.80 benchmark) as the Selling sequence is looking for continuity. At this point it is essential to either choose a range to Scalp (which I am not big fan of, as every Trader knows) or take a Short-term position (what I will do preserving my Selling outlook). I personally remain fully Bearish under the Daily chart’s Bearish action (broken Ascending Channel) of the past several weeks which suggests that Trading will continue to be performed within the #1,700.80 - #1,750.80 benchmark belt. Prepare for total Bearish domination and Multi-Month Bear cycle. I am confident that Price-action will cover the #1,752.89 ground within #5 sessions.


Technical analysis and my Position: As discussed, Buying the Fundamentally driven rises is surely a dangerous move to make, since every Fundamentally driven rise / soaring can be altered anytime and leave the Trader with losing position on their hands. There is evident Buying pressure on Gold from worldwide lockdown fears and new virus variants (as a catalyst), on the other hand, Technically, Gold is looking extremely Bearish (even though on Medium-term). I will choose not to trust Buying rise (I don't mind how hard it will be, as I will be comfortably waiting with #3 Profits run), and will wait for the Price-action to break #1,788.80 Support zone where I can Sell Gold towards #1,752.80. #1,822.80 is acting as strong Support, and Sellers might be stopped there, however if Support breaks, it will be free-fall towards #1,750.80 benchmark. Trade carefully current and tomorrow's session.