Critical session for Gold regarding Short-term

Gold's general commentary: As expected the only viable Selling Trade on the Short-term was #1,802.80 - #1,804.80 Support fractal breakout, and this was once more confirmed today within my Neutral Rectangle range where Gold pierced the Resistance once again (counterbalanced by High’s on Bond Yields), and with traditional Volatility on DX (changing perspective almost on Hourly basis), reversed again near the Short-term Resistance. Current configuration is only suitable for Scalpers of the market, as they are getting most of the return out of this Price-action. On the more Longer-term though it appears as if the Daily chart’s #1,827.80 - #1,832.80 is acting as a Resistance cluster, rejecting any upside break-out since early January (in fact also rejected the Price-action session ago). As with the Hourly 4 chart, Price-action is Trading within an healthy Ascending Channel, the Hourly 1 chart is also Neutral / once current configuration picks a side, that will be in my opinion the new trend (most likely, I will have more with today’s session candle). Current Technical Bullish opening was invalidated since Bond Yields broken Hourly 4 chart’s Resistance zone, which Sold back the Resistance break on Gold, slightly balancing fair Technical value which should be around #1,800.80 barrier already (fair estimate).


Technical analysis: Gold keeps close track of the DX (strongest correlation I have at the moment) as in the absence of macro-economic news it is consolidating (regardless of Inflation fears), ignoring though Bond Yields Trading near the Resistance, which shows that current sentiment continues to be detached from Bond Yields and rallies there don’t (as for the current configuration at least) translate into equal rallies on Gold as long as DX isn't rising. Gold is too close to the Daily chart's (previous Quadruple Top line) which was invalidated only #5 times since July's fractal as this is not the time to take wild bets on the market, that is obviously waiting for catalysts to move. Taking the cycle into consideration, every time #1,832.80 was invalidated, Gold continued the movement for more than #30 points on the aftermath, which means: If #1,832.80 breaks, Gold may pursue #1,852.80 barrier. However, all this Technical Bullish development will be invalidated if DX breaks the Short-term Resistance and proceeds with the eminent recovery (parabolic uptrend), where Gold may be Trading under strong Selling pressure where I will be ready to Sell Gold towards #1,800.80 barrier if #1,818.80 Support zone breaks. If you decide to Trade this, do it with extreme caution.