Gold is Technically Bullish, Fundamentally Bearish

Technical analysis: Bond notes panic continues as Investors (as usual) use Gold as a Safe-haven, and same fractal was seen within #2 last sessions on almost #45 point miraculous recovery Gold was Trading under. Final Resistance of #1,727.80 got compromised and if Gold closes today's session above it, it is sign of Bullish continuation, if not, everything is ready for Bearish sequence which I will be ready to utilize to it's maximum. Personally, with RSI on Annual Resistance and Bond notes Neutral (but should rise on such NFP reading and Bullish sentiment for both DX and Bond notes) I doubt that Gold will rise more. Friday's Gap is filled, Daily chart got the necessary Technical correction as I should be seeing a continuation of the downtrend back towards the Support Trading at #1,722.80 (what was Support when broken becomes Resistance and vice-versa). That would be on any other occasion however as due to the economic uncertainty and panic, market is not under normal conditions and side Swings are the new norm. This is obvious as DX is Trading on Neutral candles, but promising yet another High and Bond notes should be on parabolic uptrend. This adds more Selling pressure on Gold regarding Short-term. In my opinion Bond notes are they key, if they extend their recovery (and DX makes its first bullish Daily candle) Gold will follow its Technical Bearish course towards Fair price (Short-term). Otherwise it will have to be postponed and today's market closing variance should be monitored.


My position: Gold is Technically Bullish but Fundamentally Bearish, as it is now a clash between those sides and question is which side will prevail. I have more trust in Fundamental side as I will will be ready to Sell Gold if #1,722.80 Support breaks, calling for #1,700.80 extension. Gold only has #1 Support on falling path, currently Trading at #1,708.80, which adds High probability in hitting #1,700.80, and surely if #1,708.80 breaks, Gold will continue Trading below #1,700.80 psychological barrier. On the other side, #1,735.80 is first Resistance and break of can deliver #1,744.80, which is ultimate Top in my book as Gold is not a decent Buying option regarding Short-term in my book.