Fundamental analysis: As expected, strong Selling pressure was surely visible as Gold on the other hand is defending the second Support quiet well. What was keeping Gold near the Support are parallel uptrends on both DX and Bond Yields, engaging parabolic uptrends as Wall Street opening Bell was approaching which are in continuation on Bond Yields, but not on DX case. Yesterday’s session violent Bearish candle sequence was calling for #1,982.80 - #1,984.80 Support zone test, since every Higher High’s test (and later on local Top's) was Sold on the aftermath since March #20. Personally, after yesterday's session re-Buy near #1,982.80 Support zone rejection, I still don’t see valid reason why should I enter the market. Hourly 4 chart’s Resistance break restores Short-term Bullish trend, below Gold is calling for Selling extension. Remember when you are uncertain of Gold's trend, look for clues at the underlying correlating instruments. As Gold still tries to achieve an equilibrium with DX (currently on mere # -0.37% DX, and # +0.33% Gold / focus on Daily numbers), Gold still gains more value than DX does. The Fundamentals of the Trade tension makes defining Technical entry / exit points extremely difficult as Volatility candles occur outside of the Technical Channels. At this point it is essential to either choose a range to Scalp or engage Short-term position (what I will do).
Technical analysis: When the Resistance rejects the trend more than #3 times (which is the case currently) means that Buyers intent is not that strong and bigger proportion Selling leg is possible if Support breaks. I personally remain Bullish on Medium / Long-term under the Daily chart's Bullish Price-action of the past several weeks which suggests that Trading will continue to be performed within the #2,000.80 - #2,027.80 wide zone until Breakout occurs. Gold was having a productive session for both Buyers and Sellers so far, pushing Lower, ignoring the Intra-day mixed strength on Bond Yields which is heavily affecting Gold. However, I believe the current (Short-term) Bull values on Bond Yields (which is distorting Technical trends) run may be coming to an end as the Daily chart's Resistance is priced near and every fractal / whenever the Price-action is stalled within Neutral belt, it delivered a major move on the aftermath. On December #2, Gold was inside of above mentioned belt and touched #1,952.80 aggressive impulse. On February #25, zone was crucial aswell and delivered #90 point decline when broken. Currently, the fractal is repeated as Gold retraced from final Resistance break towards #1,980’s belt, and now Gold should pick a side and reveal a major move, as my personal outlook leans heavily to the Buying side. I am willing to take advantage of this only if #2,010.80 first Resistance breaks. Daily chart remains Bullish however no definitive conclusions on the Medium-term trend can be reached nor Traded. Gold is Trading on undisputed Bullish Medium-term trend which I wasn't hesitating to take advantage of.
My position: As I utilized yesterday's session re-Buy opportunity from #1,985.80 towards #2,003.80 (#1,985.80 entry point, #2,003.80 closing point moving the Stop-loss every #5 points to secure my Profit), I am satisfied with what's done and will remain without positions for the session, monitoring the consolidation candles from sidelines.
gold at 2k is probably a good job by nice gov men keeping it under wraps- should be over 3k at least if inflation adjusted compared to everything else in life
LowestLows
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Do you keep a tin foil hat at home like I do? I like to pull it out at times like these... Gold crossing 2k. I don't think the nice gov men like gold above that psychological level. I fear efforts will be made (much like they were when silver crossed 30) to push it back down. Do you share these concerns or do you simple ignore those types of things... Thanks