Mixed structure on Gold / will remain on sidelines

Gold's general commentary: Gold is going after the #1,845.80 - #1,850.80 configuration once again, which as I mentioned last Week is the current strong Resistance zone. It is positive that #1,800.80 psychological barrier (Xau-Usd Spot numbers) level held throughout Friday’s session, as it maintains the Daily chart's Channel Up's Bottom and even though the Hourly 4 chart points to an steeper fall and #1,678.80 variance (which as I mentioned is #9-Month Low), I may have a decent Bullish development on my hands, due to disastrous readings / debacle on most U.S. Fundamental announcements. But as long as the Price-action doesn't break the #1,800.80 or less, I can't be sure of a sustainable decline. Especially ahead of the Volatility on correlating assets which can shift momentum easily (as seen many times this current Week). The Daily chart is about to turn Bearish and since March #30, when the Daily chart RSI is within #48.800 and #54.200, it is the ideal Medium-term Selling entry as Gold rallies aggressively. But that would be further confirmed if the Price-action either breaks below #1,808.80 or touches the Daily chart’s #1,752.80 Lower Low extension. Historical resemblance shows that Gold should be already below #1,700.80 since last #3 times when correlating assets were skyrocketing, engaging parabolic uptrend / Gold ignored it on more than #3 occasions (March #12, March #5 and February #26 where Selling extension reversed into a Bullish rally with DX and Bond Yields above the Resistances). Resemblance shows that every #4th try will reveal a major move and it would be no surprise to see a #100 - #150 point decline on Gold within #30 sessions.


My position: I am expecting Buying continuation towards #1,845.80 - #1,852.80 Lower High Upper zone, but my projection could be postponed due the U.S. holiday, and mixed structure on Fundamental side. DX is nicely correcting last week's losses (even though the debacle on NFP announcement), and Bond Yields are still Trading above the Resistance zone. Once those start Trading in Gold's Buyers favour, there will be no serious uptrend or major move at all on Gold. I will remain without a call for the session and comfortably remain on sidelines. I will be looking to continue my Profits run to #10, and don't be surprised if you see thin Volume throughout today's session.