Gold still without conclusions regarding Short-term

Gold's general commentary: The Price-action (Xau-Usd Spot prices) was under Selling pressure throughout yesterday’s E.U. session (from Bond Yields Trading on mixed values) and got Higher on each Hourly 4 candle (evident Short-term uptrend formation previously printed) but on a slow pace which may be an indicator that the Short-term Buying trend is almost over or at least near exhaustion. However, I need to see the Hourly 4 chart’s Resistance of #1,952.90 broken (in order to Price the Resistance, always move it #3$ point up and keep that as your breakout point every session if it remains intact) and close the market above it to confirm a Buying continuation regarding Short-term (as stated on my remarks, I won't Buy Gold without serious reason or development, as every rise was Sold almost on Intra-day basis for the last #14 sessions).


Technical analysis: As discussed earlier, while the Daily chart is on eminent uptrend (mini Ascending Channel as correction of current losses), I believe Gold’s current uptrend is well Supported within #1,921.80 - #1,927.80. Still, I won’t take risks above that zone as today’s session is packed with macro-economic High impact report (NFP) which may add to the Volatility index and pause the Bullish reversal. Do not be surprised if Gold continues the consolidation as there are #3 Supports and Resistances on both sides, as the Price-action can continue the Neutral trend until major move is revealed. I give more probabilities to the downside since Yields (# -1.85%) are under Selling pressure once again, and it is only matter of time when they will find the Support zone and start reversing, but still I cannot afford to enter the market.


NFP and my position: Since this is traditional Friday's session (NFP day) which naturally bring turbulence on the markets, I am expecting greater than expected prospects (forecast better greater than current one) on the announcement, as market speculators have to keep pace with already lifted Fed rate. That development alone may arise DX's Buyers which can continue the Hourly 4 chart's Ascending channel, progressively add Selling pressure on Gold. If I decide to engage (only on announcement's aftermath in my favour), #1,921.80 would be my entry point towards #1,900.80 psychological barrier, only with implemented strict Risk management (as it is done throughout yesterday's session), where I will move my Stop-loss every #5 points in Profit as long as current uncertainty lasts. I am expecting one more week Trading within #1,890.80 - #1,940.80 zone.