Gold rising purely on Fundamental pressure

Technical analysis: Once again I witnessed the dynamics of Buying Low’s and Selling High’s (Investment banks classic Trading strategy), as the Selling momentum on Hourly 4 chart failed after the #1,972.80 - #1,982.80 Bottom. Gold continues with gains on every Hourly candle and as expected, Fundamental dust is not easing and Gold is on #2-session Buying spree. Main reasons for current variance are that DX is struggling to make a Bullish comeback / market speculators announced that they will keep the previous plan and as an result Gold is on gains with Daily chart’s Bullish Gap fill (as long as DX continue with the Hourly 4 chart’s slide, Gold is a Buy option), as Bond Yields (Inflation on # +6.3%) Support zone break added significant Buying pressure on Gold. It is vital to understand that with the risks involved on a Weekly scale, only if #2,027.80 is crossed Intra-day, I can note with certainty that the Bullish reversal is in continuation (less likely). My estimation shows that the base case scenario is even extending the Price-action to #1,952.80 once Fundamentals leave the stage, but it is too early to mention such Low levels since #2,000.80 Daily chart’s Support (psychological barrier, former Resistance now turned in Support) is still preserved. Gold is on a tight balance at the moment, negatively biased by the pullback on world equities, but still on positive cycle due to the continuous Low’s on both DX and Bond Yields. Gold always respects it’s variances and Long-term cycles as for now, trend is Bullish right on the current fractal (Short-term), retracement level since last October #2022 Bottom. If the Higher High’s Upper zone breaks however, I will be looking at the very real possibility of a new #2,035.80 test, and by my estimations, this is maximum of Bullish extension if occurs. My previous Selling orders have been successful and also what I did is - I tried to exploit key Hourly 4 chart's Resistance and Support zone (pressure points).


My position: I am expecting Fed to raise the rates with hawkish stance on the aftermath (conference), heavily pressuring Gold. Therefore, if you are willing to allow the risk, look to re-Sell Gold near the first Resistance but do not forget the fact that the Price-action may spike upwards ahead or throughout the decision event.