Buying leg near completion / Selling sequence ahead

Gold's general commentary: Gold is now close not only to the Higher High’s trendline of the Daily chart’s solid Channel Up that started after March #8 - #31 Double Bottom, and Selling sequence can extend towards the Medium-term Support representing the #1,678.80 possible extension / June #8 Lower Low. That level has held both on #June #8 and as well as twice throughout March. If it breaks it will invalidate the #1,678.89 - #1,700.70 High Volatility Zone and may open the way for the #1,460.80 Lower Low extension of #March #30, #2020. If on the other hand (Short-term) #1,827.80 breaks, it can finally kick start an meltdown towards the Daily chart’s #1,778.90 Lower High extension, which since the April’s #13, #2020’s Low, always been tested. On the Hourly 4 chart, it appears that the RSI is pointing that Gold may be pricing the Top here (temporary or not), but everything depends upon how Bond Yields will Trade in the coming sessions. Regarding Friday's session and Short-term, NFP debacle can still postpone the Bearish candles and keep Gold in #1,830.80 - #1,850.80 belt for few more sessions, as Gold can be used as an hedge instrument against the ever-growing Inflation. The last #3 NFP reports (all Lower than the forecast) have delivered a Short-term rise on Gold due to a temporary pullback on Bond Yields and (then) Stock markets.


Technical analysis: As discussed, since #1,798.80 firm Resistance broke then it was a Natural Buy-off reaction towards the #1,817.80 - #1,827.80 zone. I had these levels pointed out because this was the last consolidation (January #8 - February #10) before Gold started it’s final Parabolic Leg towards March #8 Lower Low extension. I expect the demand from those #9-Month Support levels to align with the Fundamentals, need created out of huge unemployment number in U.S., visible on Friday’s NFP (sign of a bleeding economy). On a different occasion, if #1,892.80 breaks, Gold's projected Medium-term Bearish cycle gets invalidated and could seek the #1,927.80 Resistance of the Higher High regarding the Weekly chart (#1W). On the other hand, I am expecting an meltdown on the May #12 aftermath, where my estimations shows that Bond Yields could Trade above # +3.88%, as Gold should be below #1,678.80 Lower Low extension by end of May, early June. I cannot rule out Bullish continuation on Gold (#1,850.80 as an maximum upper extension), both Technically, and Fundamentally quite is unlikely to happen as Yields are near a multi-year Support levels (ready for a recovery), which were the reason of abnormal Gold gains, way above the Overbought territory. I am expecting strong decline on Gold to cool down Overbought levels, sequence similar to August #8 High rejection (ultimate Top). What followed was an #3-Month decline slightly below the #1,778.80 Lower Low then (November #30).


My position: As I am not interested in Buying Gold on Short and Medium-term, I will be looking for a decent possibility to extend my #3 Profits row to #4 with my Selling orders ready to be triggered if #1,830.80 Support breaks, calling for #1,810.80 extension.