Buying bias very limited / Gold within Ascending Triangle

Gold's general commentary: Price-action was pushed back to the Neutral Rectangle as Higher High’s extension Resistance hasn't yet been re-tested (Hourly 1 chart is dangerously approaching Buying levels). If done so, then this will be the first time that the Hourly 4 chart’s #1,814.80 will be tested as a Resistance since early January. The #1,802.80 variance ahead of #1,800.80 barrier is decent Support zone so Sellers have an viable breakout point. The RSI has crossed it’s 30-session Consolidation and in my opinion this is a sign of the big Volatility that is to come. Jumping on new Trade is not an clever idea as best option at the moment is to remain on sidelines, waiting for a firm breakout, especially with the evidence that current sentiment wasn't heavily pressured by NFP numbers. The Price-action is consolidating for the past #3 Hourly 1 chart’s candles and the Price-action has to break Ascending Triangle and decide where to Trade next. The wider timeframe of Daily chart remains basic Rectangle Trading as well despite the fact that Gold again recovered the #1,814.80 Resistance (from last week’s Low’s, Gold is up more than #20 point difference within only few Trading hours). Any Short-term at this point calls are open to a High degree of Low reliability before the today’s U.S. session absorbs the news anticipation by Investors. The best for Traders who are not positioned on the market yet is to Trade the break out of the Support break extension #1.802.80.


Technical analysis: Gold eventually made a rebound, giving a false Selling breakout signal on the NFP aftermath, as it did after breaking the Hourly 4 chart’s Support on May #18 fractal. Since the pattern remains an Ascending Channel (already converted to Ascending Channel), I believe there is some more upside to it, probably towards #1,815.80 - #1,818.90 first Resistance belt, since #1,800.80 was broken on #1 single try and reversed strongly within #1st Hour. However, it may not be worth losing a potential new Selling leg (as Gold Sold back recent gains #4 out of #4 times) for a few points above the Resistance. I will no longer honour Buying potential as I will shift to Selling instantly on Medium-term (awaiting for Selling confirmation), as I will only Buy if #1,821.80 fractal breaks and market comfortably closes the session above it. With DX struggling to make Bullish comeback (due Inflation) and Bond Yields in deep Bullish territory (market speculators prevented huge scale Bearish reversal more than #5 times within Monthly variable) is a mix which is adding unprecedented Volatility on Gold where it is difficult for a Trader to position himself on Intra-day basis. Gold’s Short-term leans once again to the Buying side, but as Resistance breaks were mostly Sold aggressively lately, it became hard to trust such Technical development, and most viable plan at the moment is to Trade the breakout and await the cyclical downside which might be ahead on Gold (every movement / trend repetition priced in #4 times can be treated as an cycle on Gold).


My position: As discussed above, I am not interested in Buying Gold as there are #3 strong Resistances just within #10 points (#1,814.80 - #1,824.80) from current Price-action, as I explained in which circumstances I will contemplate Buying the market. I am in no rush to engage since I am more than satisfied with my current Trading results. If DX invalidate the Resistance zone (DX is sole reason why Gold is Trading under Buying pressure) and Gold breaks #1,802.80 pressure point, I will engage my Selling order towards #1,781.80 Support.