Gold still within Ascending Triangle / Neutral candles arriving

Gold's general commentary: As I announced possible Buying correction on Gold, Price-action has recovered half of the opening losses on the E.U. session opening as DX was taking big Daily candle hit. However the rise is not proportional as Bond Yields and global and futures are still on High levels. This leads me to believe that on the Short-term, there is a stronger connection of Gold to DX, rather than Bond Yields, so I will keep an eye for pressure zones on DX. Technically the Daily chart is still a Descending Channel on it’s Lower High’s, as Support has to break since last couple occasions it provided rejection twice. I am expecting strong move to take place throughout this week. Despite the Bullish Fundamental outcome on announcements last week, Gold continues to Trade near the #3-Week High’s. This indicates that last week's aggressive Buy-off on Bond Yields was largely a pre-pricing of those NFP numbers. What's obvious, as the current week will come to a close, is that the consolidation since Friday’s session is just above the Daily chart’s Support Zone (#1,802.80 - #1,804.80) which lifts the probabilities for an aggressive Selling sequence ahead, especially as Weekly chart (#1W) remains marginally Bearish. Interestingly, the Weekly candle is flat almost on zero percent.


Fundamental analysis: I remain fully Bearish Gold's Short and Medium-term, however my Technicals are showing some Bullish signs but those will be invalidated once the Support configuration is broken and Selling bias formed on Hourly 4 chart (Gold is purely rising (Buying every dip) on Buying pressure from DX on spiral downtrend). Price-action also manages to keep the High levels despite the rise on Bond Yields and very sharp downtrend on Usd-Jpy pair. Especially the fact that Usd-Jpy broke it’s Daily chart’s Support zone, makes Gold Bullish on the Short-term, with it's own Daily chart having regained complete Bullish status on the Short-term for the first time since January #27. On the Short-term though, the Price-action is testing the inner Resistance zone and may require to have small pullback in order to accumulate more Selling pressure to convincingly break #1,802.80 this time. As soon as the new market dynamics, post NFP find their prior balance, fair Technical estimate of Gold will be near #1,781.80 extension or less.


Technical analysis and my position: As I explained throughout my yesterday's session commentary, it is Highly dangerous to Buy Gold recently as #1,821.80 Resistance broke, and Buyers who engaged their orders are now stuck with #7 + points losing position as Price-action reversed strongly, and with the DX which seems to be reversing, it may arise Sellers which can drag the Price-action all the way towards #1,800.80 psychological barrier. While Hourly 1 and Hourly 4 charts slowly turning Bearish and in the same manner, bigger charts are on steep Descending Channel, I might have Gold consolidating within #15 points range until main catalyst of the week: CPI data. Fundamentally aswell, my recommendation is to await Selling potential on Gold, since Price-action may be contemplating strong Sell-off once DX breaks #95.72 Medium-term resistance and additionally why I am heavily on Bearish side are Bond Yield and Real Rates rally (#2-Year High's on those #2 instruments and personally I don't see a viable reason why rally should stop there. I will await #1,811.80 Support break and engage my Selling order towards #1,792.80 Selling extension (monitoring in the same time DX chart's recovery aswell).