Gold is on crossroads regarding Short-term

Technical analysis: Despite Price-action being isolated within an Daily chart’s Ascending Channel, Gold is purely responding to the Fundamentals of the DX (# -0.27%) which is on High speculation mode ahead of the Tax Bill Vote, foreign banks Rate statements and Retail Sales throughout today's session. Fundamentally, if there are no surprises Investors should seek to offload the Buying orders on the #1,778.80 - #1,782.80 potential Buying accumulation zone. This also conforms to the Short-term Bullish trend of Gold and the Bearish projection of the DX (ahead of every crisis, DX tends to engage the Buying rally, then loses strongly on the Long-term). I expect Buying accumulation until the late Hours of the U.S. session (probably around #1,780’s followed by a sharp Bullish upswing towards #1,800.80 benchmark). Bond Yields are Trading on Bearish gradient (Bearish Gap fill aswell) which is progressively adding Buying pressure on Gold, postponing the Selling sequence to great extent. Meanwhile, Gold rallied more than (# +4.00%), pricing in strongest Weekly gains since #Q1 as easier U.S. Inflation data raised hopes that the Fed would slow the pace of rate hikes in the upcoming events, aswell hoping for better macro-economic configuration. Investors are in expectation that the Fed would moderate the size of their rate hikes to #50 basis points from December after delivering four straight #75 basis point increases. I am rest assured that Sellers will continue the upswing sequence and pursue #1,800.80 benchmark, however I cannot rule out mild Intra-day pullback which can be re-used as an Buying opportunity.


My position: Current Technical sequence is showcasing mixed signals. Hourly 4 chart's trendline is holding from November #3, rejecting any downside attempt for more than #3-consecutive occasions, however within that trendline, Rising Wedge is formed which is Bearish Pattern (on already Overbought Technicals). It is the question which side will prevails, as Price-action is showcasing aswell clash between Technical necessity for a correction and Fundamental Buying pressure, which is guiding the market lately. I do believe that Fundamental pressure may prevail, and #1,800.80 psychological mark test in extension. Keep in mind that if market closes above the #1,782.80 Resistance, Price-action may fill #1,800.80 within #2 sessions (remember my #1,800.80 projection within #5 sessions I announced on my remarks). I will be ready to re-Buy Gold after the news, if it goes in my favor.