Price-action preserved healthy Bullish Technicals

Gold's general commentary: Gold was close to the important #1,940.80 Hourly 4 chart’s Support zone test as Price-action was rejected on #1,940.80 - #1,945.80 configuration, which shows how slow to reveal major move Gold has become (not taking Fundamental Buying pressure into account) and didn’t even engaged full scale recovery sequence / even though that Bond Yields are on relief rally without Bearish candle sequence and DX on constant local Low’s (Yields remain my main correlating instrument). If there wasn’t Bullish Yield related developments, Gold would be significantly Higher under the circumstances.


Fundamental analysis: Gold eventually honored the Resistance break on Yields and delivered Short-term Selling impulse, seen early on regarding U.S. session, reversing again despite Tuesday’s late session rise, Bond Yields (# +1.27%) are is Trading near their Weekly Resistance zone - reveals an Bearish Short-term sentiment Gold is Trading under. Even though my Medium-term outlook remains Bullish based on fractal analysis of candles, Volume and RSI with the period December - March, I am expecting a Short-term Symmetrical Triangle Trading towards the Hourly 4 chart’s Resistance zone first (#1,960.80 - #1,965.80) as the Hourly setting were sitting in Overbought waters approaching the levels of December #27. I am looking closely at this week’s U.S. data to monitor Yields movements and would instantly Buy the market on normal market conditions / but as trend may continue trending downwards (Yields pressure) and is Volatile to a huge extent lately, I won’t make any more risky shots, at least for few Hours more until I have Buying confirmation. Yet again, trendline is emerging on Daily chart and it is now a clash which side will prevail.


Technical analysis: Gold broke the #1,952.80 barrier (posing as an Resistance area) and didn’t quickly retraced and Sold back the Price below it (since Bond Yields are Trading on side Swings but under Ascending Channel) and in my opinion if the current Hourly 4 candle (which is the breakout candle) breaks the #1,975.80 - #1,980.80 Resistance zone fractal, then most likely, Price-action will be headed towards the Hourly 4 chart’s Top zone seen Trading near the #2,000.80 psychological benchmark. Current configuration offers me no Short-term opportunities (besides Buying Gold without a confirmation) as Trading on such Price-action will only deliver holding worthless positions on unprecedented Volatility (Buying without a confirmation such as this one). Market model Gold is Trading under aligned with my Bullish expectations which reversed Gold’s Intra-day trend, but the Selling after-effect (from soaring Bond Yields) itself seemed to have little or no affect on Gold. I am not expecting Gold to reveal a major move yet, so more patience is needed. Needless to mention, Gold is Trading and miraculously approaching my Buying entry levels for the fractal. Keep in mind that if Price-action manages to reject the Price-action near #2,000.80 - #2,005.80 former Triple Top, possible Quadruple Top’s zone, according to the cycle it will be last attempt for Buyers to prevail. If breakout is delivered and Price-action closes above #2,000.80 benchmark, I will pursue #2,027.80 and #2,052.80 with my piercing set of Buying orders, however, if Top zone is formed again and practice strong durability (as it was the case many times for the fractal), I will Sell Gold on the Medium-term towards #1,900.80 psychological benchmark as the past #2 out of #2 corrections were aggressive which I will utilize to it's maximum.