Gold's uptrend limited or near exhaustion

Gold's general commentary: The Hourly 1 chart’s Ascending Channel I mentioned is still active on the previous Hourly 4 chart’s candle towards Higher levels, as mentioned is Targeting the #1,832.80 Resistance and strong defensive line Supporting from below, Trading at #1,811.80 (invalidated from below few sessions ago). As long as #1,811.80 holds as an Support, Gold will Trade under Buying pressure (Buying every Low) before the next Bearish leg, but if #1,811.80 breaks, it should be an aggressive decline towards #1,790’s where the Price-action is expected to be in #5 session’s time. To be honest I am surprised that Gold was extending the consolidation, I expected that to take place after the revelation of the major move on most exchanges. But since the Bond Yields are on a Bearish candles and DX still didn’t recovered all previous heavy losses, Selling bias is postponed, but it is important to note that even though DX is Trading below the Support zone, Gold is not under strong Buying pressure (should be considerably Higher), near the Buying Short-term accumulation zone, way above Resistance cluster. This structure only confirms firm Selling bias on Gold (underlying Bearish trend), as I still haven’t got reason for strategy shift so far. If this is the eventual rejection (#1,821.80 - #1,824.80), then I can have a Sell-off once again back to #1,800.80 at least. The first level of Long-term Support though is, as mentioned above #1,792.80 (symmetrical from January #6), where the Hourly 4 chart’s Selling fractal also happens to be. Fundamentally, Gold continues to track the DX movement ignoring the (minor but steady) downtrend on Bond Yields possible (Triple Top rejection). Statistic is there to Support my outlook - last Higher High’s attempt and apparent rejection, Gold retraced more than #57 points afterwards, so same fractal could be the case shortly. Personally, I am a bit surprised that Powell had Bullish tone after such hawkish stance from the Fed.


Technical analysis and my Position: Indeed, Gold has Bullish note from Powell's speech aftermath currently and rising Inflation on ATH's (along with Money supply charts skyrocketing). However, it is evident that Gold is struggling to soar (lagging upswing sequence), as my statement is proven to be correct that Gold is not sole hedge asset to Inflation, and if this were #1980's, Gold would be significantly Higher under the circumstances. I do agree that Short-term is switched from Neutral to Bullish, but Buying Gold on Fundamentally driven sessions is dangerous approach where the trend can surely continue the sequence, but can be altered anytime leaving the Buyer with losing position. Therefore, as I stated on multiple occasions, capital preservation is equally important as a Profitable call. With all charts Trading on Overbought conditions and every E.U. session opening is in Bearish fashion (Gold is showing that Buying pressure is near exhaustion), I will await for #1,811.80 Support break and pursue #1,800.80 barrier and #1,792.80 Selling extension with my Selling orders. I don't mind possible further rise on Gold, as rejection will deliver even better Selling opportunity. There is strong Resistance ahead on #1,826.80, and even stronger one near possible Triple Top rejection on #1,832.80 fractal, so Buyers should take those points into consideration.