Gold under Buying pressure / Core CPI on main stage

Gold's general commentary: As expected Gold broke through the Lower High’s trendline (which was holding since January #27) on February #8 and as the #1,819.80 Support zone held, Gold turned Bullish again on Hourly 1 chart but still a healthy Ascending Channel and a wide forming of Golden Cross formation (Daily chart) which can pierce even #1,852.80 psychological barrier if DX continues to Trade without a recovery. The main driver behind strong recovery on the Resistance break aftermath throughout last week was of course the DX taking strong hits (Inflation fears) which added enormous Buying pressure on Gold as the markets are trying to get back the lost ground. Since that was the case throughout yesterday’s session and market closing, personally I expect today's session to reveal major move and decide where to next, unless Resistance breaks or the Price-action tests the Support.


Technical analysis: Right now Resistance is priced where the #1,832.80 is seen Trading, which makes it a viable Resistance, but as I've stated I prefer the #1,819.80 Support break first. Buying potential is still Supported at #1,819.80 but the slightest breakout below will see Gold testing the #1,800’s High Demand zone as mentioned throughout last week. A break above #1,852.80 is a Bullish Medium-term signal, however the RSI remains on a Bearish divergence. Under the circumstance Gold can only be Traded on wide timeframes (like critically Bearish Weekly chart). Again I need to point out that Buying aswell might be limited due the rise on Bond Yields (rival of Gold as a safe-haven) and DX to a great extent. I will surely continue Selling Gold since all developments point to a new meltdown (once Higher High’s are priced in). Gold is dangerously approaching the previous Quadruple Top’s line of utmost importance and every time that line was invalidated, Gold continued the sequence on more than #30 points which is adding credence to Buyers, which are ready to Buy Gold as soon as #1,832.80 breaks firmly and market closes the session above comfortably.


My position: Gold is giving nothing but Bullish Technical signals (Ascending Channel, Golden Cross, #1,832.80 Quadruple Top line about to break), but all those developments could be invalidated if Core CPI prices in greater than expected forecast, where DX may break the Resistance zone, extend the recovery candles where Gold could test #1,800.80 psychological barrier until end of the Trading week. However if CPI prices in numbers suitable for Gold Buyers, it can extend the Bullish rally and test #1,852.80 barrier within #3 sessions. I will Sell Gold on spot if CPI goes in favour of Sellers and will be ready to utilize #1,819.80 break with my Selling orders towards #1,800.80 barrier. Buyers aswell have #1,839.80 posing as an strong Resistance of the fractal, which can alter the uptrend and reverse the Price-action.