Gold on Short-term crossroads / Buying pressure visible

Gold's general commentary: The Price-action broken the #1,752.80 semi-Resistance as expected and in general - I have #2 set of Selling orders ready to be engaged and waiting for full Selling sequence with already mentioned Targets. Another attempt by Gold to defend the #1,700.80 psychological barrier Support leve which has been holding since #2 sessions was successful. Daily chart is Trading on solid Channel Down, Hourly 4 chart constitutes the downtrend, so both formations point to the new Technical slide on Gold towards #1,745.80 first, strong Support as my main point of interests. Once again my strategy is going to my favor, since I always note that I am Long-term Trader / Predicting successfully Gold’s trend on Quarterly cycles as I believe that I am always right about Gold’s Long-term direction. Medium/Long term Trader’s goal should be to focus on those Resistance / Support levels of #1,765.80 and #1,745.80 on the other side. My estimations are showing that the base case scenario is even extending the Price-action to #1,678.80, but it is too early to mention Lower levels. Gold is on a tight balance at the moment, negatively biased by the Selling pressure on world equities and Bond Yields, but still on a Medium-term negative cycle due to the continuous High’s on DX (found the Support) which are adding certainty to my configuration. My previous Selling orders have been successful and also what I did is - I tried to exploit key Daily Supports. Scaling is part of Trading and when one has a Long-term trend confirmation and should act accordingly. Gold always respects its Long-term cycles and for now Gold corrected #1,750’s Williams% Overbought levels, as I noted that possibility on my yesterday's commentary. Regarding Longer-term, I will be looking at the very real possibility of a new #1,585.80 - #1,578.80 test, and by my estimation, this is maximum of this Bearish cycle ahead of stabilization zone.


Technical analysis: Critical session ahead for Gold as the Hourly 1 chart’s Resistance is near just few points away from breaking and continuing Buying sequence. I have been monitoring DX (# -0.16%) and Bond notes (# -0.49%) throughout yesterday's session, and if those Trade favorably regarding my configuration, I should be seeing #1,700.80 psychological barrier test within #5 sessions. It is important to note that besides Technical necessity for the final Lower Low extension, Bullish developments are visible as Buyers Target the #1,765.80 sequence of the Higher Low, which also could be on the cards. #1,765.80 mark is the mentioned Resistance since Tuesday's mid-session and the RSI shows that there is space for additional uptrend, while MACD is indicating that this time the Support of #1,727.80 will break and comfort Sellers early on, opening path for #1,700.80 slide. However if the #1,764.80 breaks the Short-term Bullish bias is restored and next Technical stop should be the test of the #1,778.80 - #1,782.80 Resistance Zone (less likely for this scenario to develop). If #1,727.80 fails, I expect an uptrend continuation towards the #1,772.80 February #18 Resistance, where the Weekly chart’s Resistance zone is roughly near within #40 points. Overall I remain Bearish on the Short-term, to me it is just a question of when the DX will break its Resistance and the Bond Yields can recover from current session’s Selling. Expect Volatility since DX is on side Swings from U.S. session on the Fundamental announcements aftermath.


My position: I will be looking to continue my Profit's row to #5, but for the moment I have no pattern to Trade by. If #1,765.80 gets invalidated, #1,778.80 should be next. If however #1,745.80 - #1,750.80 breaks, Gold can slide towards #1,727.80. Both options are open for the moment.