My #2,000.80 Target is almost tested

Technical analysis: The Price-action is under Buying pressure early on into the E.U. session (following yesterday's U.S. session Bull spike which firstly could be described as an Bull-trap), the Hourly 4 chart broke above it’s Resistance zone of #1,974.80 on more than #1 occasion, so this is not a consolidation any more and is just about to test the Hourly 4 chart’s Resistance in extension Trading at #1,991.80. Gold delivered Engulfing Bullish candle above the Hourly 4 chart’s Resistance zone and is widely showcasing that underlying trend remains Bullish. A break below #1,960.80 will see Gold testing the #1,952.80 configuration and even #1,942.80 in extension. One similar aspect to keep in mind: Symmetrical Triangle broke to the upside, so Gold is both Technically and Fundamentally ready for Buying sustainability at least for Short-term. On the other hand if the Support of #1,960.80 gives away, ultimate #2,000.80 benchmark test will be postponed at least for #3-session horizon. It all depends on Bond Yields (# +6.88% on (#1W)) and if they can sustain this Bullish rebound early on. Technically there is room for Bond Yields to grow much Higher, so Gold will be under more Buying pressure, especially if Yields resume the recovery and Bullish trend (right now Bond Yields are pulling back and is the reason Gold hasn't soared more already). Price-action was on the #4th successive green Hourly 4 chart's candle which broke above Symmetrical Triangle currently. So far the Weekly chart (#1W), (# -0.84%) is on negative gradient but in attempt to test-and-break local peak on many failed attempts (check March #7 fractal) where #1,988.80 - #1,991.80 is area of utmost importance for for the sequence. Bigger charts are on healthy Ascending Channel, especially Weekly chart so current correction was expected response to current Overbought levels. However, I need to point out that if the Price-action rejects any upside attempt (which was the case lately on more than #1 occasion) and Resistance zone manages to repeat the fractal, Bullish bias will be negated totally and I will Sell Gold on Medium-term towards #1,800.80 - #1,852.80 wide zone.


My position: I am operating with my Buying orders which are delivering excellent results as I will re-Buy Gold as near as #1,970.80 entry point. It is important to note that #2,000.80 benchmark test is getting closer and according to my estimations, I am expecting #2,000.80 benchmark test within #2-session horizon. Otherwise it will be postponed until end of the next week.