Gold isolated within Rising Wedge

Technical analysis: Regarding Gold’s Short-term, it all depends now on the Technicals - Daily chart turned fully Bullish (which I was waiting for as the November #4 trendline is holding strongly) and now #1,800.80 psychological benchmark test is on the cards. My estimations are pointing on probable #1,792.80 Resistance test (Rising Wedge slowly forming) first then #1,800.80 benchmark in extension. A positive reading on U.S. announcements has been Priced this week and after Monday’s sharp decline on DX caused by the Fed’s hawkish remarks, DX has reached its #105.200 Support line, which since mid-July has been reversing the Price-action and showing strong durability. But for now Gold - Bond Yields correlation is not High on importance list since Bond Yields were rejected on the Resistance and Gold is ready to test Upper levels. I am expecting sideways trend and ranging market on Gold as Price-action is isolated within Rising Wedge on Daily chart, revealing no further clues. The Hourly 4 chart’s Descending Channel broke upwards on the most aggressive Bullish candle sequence since November #16. Once again, this move is attributed to the DX hammering (announcement beating the forecast by a good margin). The aggressive decline on DX was applying additional Buying pressure on Gold. Technically, Gold holds Neutral bias and I do believe that Price-action will remain isolated within the Rising wedge, at least for current session. If #1,762.80 former Resistance now turned into a Support gets invalidated and market closes below, expect #1,748.80 - #1,752.80 Support zone to be filled Intra-day. However if Rising Wedge gets invalidated upwards on strong Engulfing Bullish candle, expect Buyers to yield and push the Price-action towards #1,800.80 psychological benchmark.


My position: As Gold's Price-action is imitating closely Intra-day's trend on DX, I have to be extra careful with my next Stop-loss selection. Gold is showing no apparent signs of picking a side and engaging any kind of order at the moment is equal to gamble, rather than optimized / effective position. Keep in mind that Hourly 4 chart holds Selling bias however Daily chart is on healthy Technicals, take that into consideration if you decide to Trade this. I am expecting #1,800.80 test within #3-session horizon and I will re-Buy Gold from Lower levels (Bullish Gap fill on DX cannot hold for much longer).