Gold may be timed for correction of gains

Gold's general commentary: As discussed on my previous commentary about fragile DX standard (right now it's few percents down) Gold is already giving new signs of Bullish continuation (however it is important to keep Bearish underlying Medium-term trend on top of the importance list). Yesterday's session Buying spike on Gold came as no surprise as Gold does not represent anymore (as it has been) sole hedge against Inflation, as current Trading week is projected to be Bullish for DX (still without firm recovery and near Lower High’s extension), hence Bearish and should be adding Selling pressure on Hourly 4 chart’s on Gold. Technically, I am certain in late January’s Support Higher Low’s break and continuation of Technical Bearish perspective (once the Fundamental pressure is priced in and digested by market where Price-action is expected to engage the correction). Taking all aspects in consideration, I expect aggressive uptrend towards #1,882.80 Higher High’s extension, if #1,848.80 - #1,843.80 Support zone breaks however, #1,832.80 (former Quadruple Top’s line) should be next / that is Technical part - Fundamentally, Gold is equipped for an uptrend on an new Ukraine - Russia conflict escalation news, fuelled with Golden Cross on one of the Gold’s charts.


Technical analysis: Gold was on the rise again (yesterday's session market closing: # +0.67%), DX (# -0.34%) is holding last week’s High’s while Bond Yields are on W shaped recovery on invalidated Selling sequence attempt as an catalyst. For now it is dangerous to engage any kind of additional position since I see no Short-term pattern as I always look for since Gold can go both ways (I cannot rule out #1,882.80 - #1,888.80 upswing), however on the other hand, Gold is on Buying spree for #5 + consecutive sessions and Price-action may be ready to correct current gains. The current consolidation of Gold and DX resembles the October - November #2018 pattern before the future downward movements. My estimations for based on a Weekly basis for Gold after clearing it’s #2018 Annual #Q1 opening displays a reasonably clear run towards Lower levels after possible #1.882.80 rejection. Again, my models should work quietly well when fair Technical trend arrives and market returns to normal conditions because no Fundamental interference (shocks) will occur, now it is a different scenario (remember US - Iran conflict escalation and Gold reaction to the developments) and this new wave attracts both Buyers and Sellers on the market. If Gold does not recover #1,882.80 within #2 sessions, I will be ready to Sell Gold on spot and pursue #1,843.80 first, then #1,821.80 in extension (former Quadruple Top line). All in all, I am more than satisfied with my current Trading results and I am not forced to engage any kind of order. I will await area to be engulfed and then make my move.