Buy order activated / Gold maintains Buying momentum

Gold's general commentary: Current strong critically Overbought levels are nothing more than a product of Fundamental pressure - mix of Bond Yields near #4-Month Low’s, DX taking strong hits and uncertainty of the Fed about their future rate change (which is probably drawn out of general indecisive Fed chair). On a rather normal Trading session, Technical models and rules are there to be followed, however since these are Fundamentally driven sessions, #1,800.80 benchmark test was fair estimate as Yields engaged one of the greatest spiral downtrends in #8 quarters, as current Price-action is Trading above it and Technical rules don't have any significant meaning (don’t apply on such sessions). It was pure gamble with mix of luck to "Sell every Top" within last couple of sessions as every point away from fair Technical Price-action I mentioned above cannot be predicted with any Indicator or Pattern (model I am using), so rarely a Professional Trader would Buy or Sell the Fundamentally driven sessions as it can backfire sooner or later. It may grant excellent return on investment, but always changing Supply-Demand will interfere and according to my estimations, there is more harm in it than benefits.


Fundamental analysis: If I can draw anything positive from the current Price-action, is that Gold (with current Yield numbers) should be significantly Higher under the circumstances, but market speculators are strongly limiting the uptrend in extension. Note that this Ascending level also pairs reasonably with the Weekly chart's (#1W) Resistance and Support pricing. Gold is a cautious market at the moment. With Buyers showing limited activity which is absolutely normal after such #50 point uptrend, I will start utilizing this Bearish momentum to it’s maximum (only once Medium-term pattern arises), aswell confirmed if Bond Yields engage the promising recovery, which isn't the case at the moment. It would also be too much of a risk to contemplate Selling this market when the Support zone have yet to be convincingly tested and invalidated. Last time I spotted such cycle, Gold engaged more than #185 points uptrend within #2-Month fractal , then engaged serious correction. Expect a corrective drop towards #1,752.80 psychological mark and consolidation around #1,742.80 - #1,752.80 as equity holders digest the news and evaluate their strategy, once Gold forms expected local Top's near #1,823.80 - #1,827.80 zone which is maximum out of current Bull cycle. Gold clearly accumulated all the panic capital from losing DX and is bound to return it. Keep in mind that now Sellers may arise once the Top is formed and drag the Price-action all the way towards #1,700.80 psychological mark, which is almost #100-point difference from current local High’s.


Technical analysis: Regarding my Technical estimations: Gold is currently Trading just above the Higher High’s Upper zone trendline of the healthy Ascending Channel (according to cycle, I have seen many similarities with initial movement which was engaged approximately from June #28 to July #2 (gradual #4-session rise)). It is important to note that within that Ascending Channel, the Price-action always tested the Hourly 4 chart’s Resistance zone after Support rejection, so assuming no further news from Fed - current configuration (after pricing local Top) will be enough for me to engage Medium-term set of Selling orders, where I will have Technical green light for it. If however #1,811.80 Resistance breaks and market closes the market above, that would be a Bullish breakout towards full scale oscillation towards #1,827.80 first, then #1,852.80 psychological mark. However Selling Gold is dangerous since DX is Trading near Annual Low’s. Gold is Trading on evident gains after it failed to break below it’s Hourly 4 chart’s Support fractal (decent rejection there). This sequence is similar to the September #24 - #28 pattern when a Double Bottom was made before the strong rebound. It is therefore possible to re-test #1,827.80 before rebounding as the DX touched its Daily chart’s Support and got rejected strongly. Also Gold's strength is Highly correlated with the mixed values on the Bond Yields and parabolic downtrend extension on DX. Gold is still isolated within #1,792.80 - #1,800.80 Resistance zone as #1,811.80 is still Resisting the uptrend and is untouched since July #5, which Gold would need to break firmly in order to continue the uptrend sequence (personally, I don’t expect mentioned level to break without serious cause). DX chart is crucial to monitor and it is all about how DX fares into coming sessions.


My position: I have engaged my Buying order (#1,795.80 as my key entry point), with optimal Target seen Trading at #1,827.80 extension. I am expecting my Target to be realized within #2-session horizon.