Potential correction due NFP, however #2,100.80 remains a Target

Technical analysis: Only a limited amount of Technical data can be used after such important macro-events, as market hybrid movements are visible within every pore of the markets, especially on metals. The Fed aftermath provided the initial direction (with Intra-day point variable on #7 points first downwards, then relief rally which is disastrous side Swing, catastrophic for smaller margins), as my expectation is that most Investors are in a wait for how market will digest current post-NFP developments. If the speculative counter theory before such deals is correct, then NFP Selling, should result in a even more comfortable Buying spot after the Support fractal is tested. This is all of course very speculative, as DX was about to break my Bearish reversal threshold on Weekly (#1W) chart and if it does not succeed, I will add more Buying orders and Gold becomes fully Bullish on Intra-week scale. I chosen not to Trade this Volatility this morning (after managing to catch few Selling rows), as recapitulation from the past #4-session horizon was that every High impact event turned sideways (even though that forecast was met) and final pointer that Gold is on unprecedented Volatility (fuelled by dovish surprise from Powell).


Fundamental analysis: Recently, Buyers took control indeed where Gold is Trading on a healthy Ascending Channel regarding Hourly 4 chart, as it has solid potential to extend the upwards movement beyond #2,100.80 Resistance. Gold is extended it’s rebound following the better than expected Fundamental readings throughout the week (Powell's dovish surprise especially following with growing banking crisis), putting Gold on very Bullish Fundamental structure, breaking the Hourly 4 chart’s #2,052.80 benchmark second time within #5 sessions: The Hourly 4 chart's RSI has turned sideways ahead of the Resistance (Neutral in most cases) barrier, giving me the impression that until I get to the weekly catalyst (NFP), the Price-action may consolidate within #2,030.80 - #2,052.80 belt. That is of course unless I get a move on the DX first, which appear to be turning sideways for the first time since early February (Trading on local Low’s after hitting Annual High's of (# +1,78%).


My position: Gold's Price-action is Trading within Megaphone, potentially Targeting #2,100.80 which remains my Medium-term Target. However, I do expect strong numbers on NFP reading which may deliver Selling opportunity and after it is utilized, I do expect U-turn towards upper values where Gold is under strong Buying pressure due critically Bullish Fundamentals. I do expect #2,020.80 test, and #2,100.80 on the aftermath (Medium-term).