Gold is Targeting #1,917.80 and then correction is expected

Gold's general commentary: Gold is still on a very tight balance, contained within the Higher High’s trendline on the Daily chart, and the Lower High’s trendline of the Ascending Channel. With Hourly 4 chart regaining full Bullish status, it is more than obvious why Gold has been consolidating since the #1,882.80 multi-Month High’s for few Hours entering today’s early E.U. session. I am strictly following my Long-term pattern with strict Risk management (Even though my current Trading results are excellent, I haven’t got luxury to set wide Stop-losses since these are not normal market conditions) which indicates that Gold may rebound considerably on current Higher High’s peak variance buy still want to test #1,900.80 psychological barrier and Resistance cluster again after aggressive uptrend started from #1,832.80 Quadruple Top break in order to achieve the Higher High’s Upper zone sequence. If #1,900.80 is invalidated and market closes above (#1,902.80 or more), I expect #1,917.80 next. If however #1,891.80 breaks, Buyers intent gets weaker and #1,882.80 can be tested Intra-day (in form of a correction) and if #1,866.80 breaks and Gold extends the losses, Sellers may arise and drag the Price-action towards the #1,832.80 Lower High’s Lower zone.


Fundamental analysis: Despite the strong Bearish candle sequence on the DX (# -0.08%), Gold remains on gains and above my Support for the day as the U.S. session is approaching and Russia - Ukraine crisis tensions resurface. However, #1,902.80 is new Resistance zone made by the Hourly 4 candlestick configuration. Gold is pulling back again after it failed to break above it’s Resistance variance (#1,900.80 - #1,902.80 belt) on the Hourly 4 chart, while #1,891.80 configuration is protecting the eminent downtrend. This sequence is similar to the September #24 - #28 pattern when a Double Bottom was made before the strong rebound. Also current Gold's impulse and rejection was Highly correlated with the side Swings on the Bond Yields market, which are pricing Swings almost on Hourly basis.


Technical analysis: As discussed, Gold is Trading within Ascending Channel and mentioned fractal is Buying back every dip and postponing the downtrend and pointing me that Gold should be timed for another major move (check ADX levels regarding the Short-term) once market picks a side. I am looking to complete a full oscillation towards #1,800.80 psychological barrier once Fundamental dust settles, in the same time my main point of interests where I will be ready to utilize Selling potential ahead. I am expecting #1,917.80 within #3 sessions if Bond Yields remain without a Daily chart proportions uptrend. My practical suggestion would be to await for a breakout and then make a move, since at the moment - there is a clash between Technical Bearish values and necessity for a correction / on the other side Fundamental uncertainty (conflict escalation) which could make Investors flee to safety once again and push the Price-action towards #1,917.80.


My position: While there is Technical possibility for #1,882.80 test Intra-day if #1,891.80 gets invalidated, Gold is a Buying option if #1,900.80 breaks and market closes above the barrier. Consequently the current consolidation and another Bullish wave should come as no Fundamental surprise. Personally since my current Trading results are excellent and I haven't got urge for additional risks, usually it is dangerous to commit throughout Friday's sessions and Selling Gold on such Bullish bias. I will not Sell Gold today even though Support breaks, I will await Resistance break and pursue #1,917.80, posing as an Ultimate Top and exceeding my Profits run to #16. #1,900.80 Resistance is great benchmark for Buyers and break of can deliver excellent #17 point Buying opportunity.