Excellent Price-action for Buyers

Technical analysis: Gold remains heavily Bullish on almost all major charts, well Supported (on Xau-Usd Spot prices) at #4,352.80 and Resisted at #4,417.80 - #4,427.80. Notice how, even though the Hourly 4 chart’s strong Resistance got invalidated already throughout early E.U. session, Price-action didn't close an Hourly 4 candle below, so no Selling signals there. On the contrary, the Hourly 1 chart clearly shows how the Hourly 1 chart’s Ascending Channel has rejected any downside attempts #4 times already since #2 Trading sessions. Keep an eye on the DX market, which I believe is the driver these days (along with Bond Yields); a break for Gold above #4,427.80 could push and expose the Daily chart’s Higher High's extension which is currently near #4,452.80 psychological barrier. My estimations are showcasing that base-case scenario is even extending the Price-action above #4,452.80 benchmark (towards #4,492.80 configuration), engaging aggressive uptrend extension (total Buying domination I already mentioned on my recent remarks).


My position: I was successfully Buying each my re-Buy zone lately, especially #4,392.80 re-Buy zone many times towards #4,405.80 extension. Also, #4,362.80 worked many times as re-Buy zone so if you used it you would be in excellent Profit. Re-Buys for today's session remain the same also with #4,372.80 as decent one also. Keep in mind that Gold will not soar straight up so that's why Buying from each re-Buy zone is crucial not to get caught in Stop-hunt. Keep Buying Gold and if #4,417.80 - #4,427.80 hard Resistance zone gives away, Gold is Targeting #4,452.80 benchmark.


My position: As discussed above, Gold delivered excellent re-Buy opportunities throughout yesterday's session also, as well all my re-Buy zones worked nicely, especially #4,402.80 and #4,414.80 towards #4,432.80 extension and those who Bought Gold aggressively with me (listened to my advice on past few ideas) are in excellent Profit by now. Gold of course remains Buy option however slowly Price-action is dangerously approaching Daily chart's Descending Channel which represents crossroads for both Short and Medium-term. If #4,427.80 is established as an Support zone, Gold will head Higher towards #4,452.80 and #4,502.80 benchmark zones. If Upper band of Descending Channel delivers rejection which brings Sellers, I won't be surprised if Gold tests #4,302.80 benchmark once again. My returns are already great on current re-Buys as I will remain comfortably on sidelines, waiting for area to be engulfed and ride the future wave upside or downside.