Engaging Buying order / Gold to extend the uptrend Intra-day

Gold's general commentary: Gold manages to keep the Higher levels despite the #1,875.80 Resistance zone rejection and stabilization on Bond Yields, and very decisive uptrend on DX, and the Bond Yields Bullish Gap fill and soaring provided steady ground for Gold’s rejection and supports current market sentiment. Especially the fact that the Bond Yields broken the first Resistance on Hourly 4 chart’s Ascending Channel (which is a good sign for Gold’s Sellers), makes Gold very Bearish on the Short-term, with it's own Hourly 1 chart having regained complete Bearish status for the first time since early November, but it's all ignored by Gold. This side Swings that I am witnessing are consolidation candles. Furthest line of the defense is #1,832.80, if broken, could result as an decline with a Bottom below #1,800.80 psychological barrier. As long as that line is intact (due to Inflation on ATH’s), Price-action may constantly pressure for Resistance test (unless one of Support benchmarks break), in line with the developments on Yields. Every Support rejection, Gold will have visible Buying pressure and Buyers accumulation. As soon as the new market dynamics, post Fed, find their prior balance, Gold can resume its steady Medium-term downtrend. Gold is having Short-term Bullish sentiment because of Inflation fears (not being transitory) and Biden’s new Stimulus bill, but Resistance preserved the Selling outlook, and Gold should engage the more serious traditional (Fed aftermath) decline as market speculators preserved Gold once already before the minutes.


Technical analysis: Nothing out of the ordinary as Gold still didn’t broke the last barrier of #1,850.80 on Spot prices, confirming the last downside wave towards the #2-Month Support Zone. Daily and Hourly charts turned Bearish again but based on the Weekly chart candle regression since end of September, it is safer to Sell after every red engulfing Daily candles (those were on June #4, July #9 and August #2). The DX is on critical crossroads and should stay above #95.30 Support, but it has less or no effect on Gold. Gold is now Technically equipped for an decline, but it is still early to speculate on exact timing (is postponed due to Inflation fears). Technically, both on Oscillators and Candlesticks, Gold should lose value with every Hourly 4 candle minimum towards #1,822.80 (Lower High’s extension), but these are Fundamentally driven sessions so, Technicals are less important.


My position: Even though Technically, Gold should alter the uptrend, Gold is still soaring on Investor's using it as an safe-haven, and as I comfortably preserved my account for more than #10 sessions, I am fully prepared for next period. I engaged Buying order on #1,768.80 variance, Targeting #1,895.80 Higher High's extension. If #1,885.80 breaks, expect Intra-day swing towards #1,895.80, however if #1,885.80 rejects the Price-action, Traders may close their Buying order there. #1,895.80 should be furthest extension, where I expect circa #150 point decline towards #1,750.80 benchmark.