After #2 consecutive Profits, will Trade the breakout

Gold's general commentary: Gold was Trading on gains after #3 consecutive sessions of losing streak. My much anticipated Weekly catalysts both reported better than expected numbers (with the unchanged rate on Fed minutes), which should have a rather mixed effect on Gold. Though the impact is positive for DX (and Gold in turn), the DX theoretically is on Neutral candles (Daily chart). The key is what effect it will have on the Bond Yields, which after #3 red sessions, are seen rising last week and (more importantly), on yesterday’s session, Trading above the Support which is adding Buying pressure on Gold. However, Yields engaged the Hourly 4 chart parabolic downtrend and almost tested upper Lower Low zone, and Selling pullback is Naturally expected on Gold (visible at the moment). My Selling Fundamental expectation is matched well from a Technical perspective too, as Gold is consolidating since last week around the Hourly 1 Support zone of #1,780.80 - #1,775.80. The longer it does though, the more negative it should be on the longer term as the Hourly 1 chart’s #MA50 could be closing down fast to the #MA200 and if they cross, the Death Cross will be formed. Last time I saw mentioned configuration pattern, was on December #23 as Gold risen from #1,865.80 to #1,960.80 in #2-week period. I expect same configuration, just on the other side. I am not interested in Buying Gold unless #1,792.80 breaks (as long as #1,800.80 is not recovered, Gold is Bearish). I will Sell on spot towards #1,750.80 if #1,775.80 breaks.


Technical analysis: Gold is Trading steadily above the Hourly 4 chart Support zone and it is the first time it has been doing for #3 consecutive sessions of losses (based on Daily chart candle closings). The news are slowly aligned for a Medium-term rebound on Gold (Congress news and Yields important developments) with the catalyst of the week / Bond Yields movements. If Price-action is successful at moving the Bond Yield Lower, then I may see Gold even on it’s Higher High zone (which is currently at #1,817.80). If a new High is made above Yearly High of #1,817.80, then it is a Buying breakout signal towards #1,827.80 (those High's less likely to develop this week). On the other hand a break below #1,775.80 is a Bearish correction attempt towards #1,763.80. Bond Yields are on the main stage, especially throughout #Q2 fractal. However, as May is projected to be a Bearish Month, needless to mention I am expecting #1,678.80 Lower Low test maximum until end of May (roughly around May #20th).


My position: As it is visible on the charts, there are many levels to monitor and take into consideration. I won't rush onto new position since my aim to pursue #3rd consecutive Profit (After April's #29 and yesterday's May #3 Profits), and most viable plan at the moment is to wait for a firm breakout. I will use #1,780.80 - #1,775.80 as a re-Buy zone towards #1,797.80 (Stop-loss within few points / strict Risk management) while without waiting for a re-Buy, if #1,792.80 gets tested earlier with Support zone intact, I will Buy on spot instantly and pursue #1,817.80 with my Buying orders. However, if #1,775.80 breaks, I will Sell on spot towards #1,763.80.