Spectacular Buying opportunities on Gold well utilized

Technical analysis: 'The inability to break below #3,827.80 Support mark on Hourly 4 chart caused another pullback which pushed the Price-action towards the Upper band of Donchian channel bands (the range was well defined on Spot prices). It is important to note that Gold was Trading on obvious Dead Cat bounce which showcased Bearish presence, also Fundamental Intra-day Selling pressure from both DX Intra-day spike to the upside and Bond Yields Bullish Gap fill didn’t prevailed. As market approaches important macro-economic releases next week, this range will most likely break, and depending on the DX numbers, Gold will Trade with a diagonal correlation. Hourly 4 chart turned Bullish again session ago (and when that happens since mid December’s fractal, market always delivers Medium-term Buying opportunity). As mentioned before, as long as #3,827.80 Support zone holds, expect Buyers to arise and push the Price-action towards Higher levels / local High's.


My position: I have been Buying Gold throughout yesterday's session from #3,860's towards #3,878.80 Resistance, and since we are in Bullish non-stop trend, I have Bought Gold on #3,878.80 break-out to the upside and closed my order near #3,890.80 local High's, expecting some Sellers to arise at that point. I as I am not Selling Gold at all lately, I have waited for Gold to establish local Low's (#3,827.80 was my fair estimate), I started Buying Gold aggressively on #3,827.80 and #3,830.80 towards #3,845.80 which was Resistance at that point, closing my Buys there. After #3,852.80 benchmark got invalidated, I have engaged Buying orders there and am still keeping them expecting #3,878.80 Resistance to be met once again. This is yet another wonderful week. Resistances to monitor ahead: #3,862.80 (now Support), #3,868.80, #3,872.80 and #3,878.80.