Gold ranging with signs of indecision regarding Short-term

Fundamental analysis: Hourly 4 chart has taken a pause from the Descending Channel course to form a #4 - #6 session Neutral Rectangle as the absence of macro-economic announcements is causing ranging Price-action. Apart from that, yesterday's session #1,971.80 local Low's can be distinguished as an first Lower High's Upper zone test on Hourly 4 chart demonstrating that the trend remains Bullish for the Short-term. Bond Yields did approach the #3.550 Short-term Support, on the other side Gold remained more or less stationary, delivering relief rally on the aftermath highlighting the strong Bullish pressure it is under (Buying back every Low's). Hourly 4 chart's Selling retracement had no further room to go, so I don't expect this consolidation to continue for more than #2-session horizon. My focus shifts to the Fundamental events due to the ties on Bond Yields which are retreating from local High's. Trading Gold sometimes requires patience in situations such as this one, even if Bullish setups are spotted all around, this is not a good sign for those who want to Trade this market (most of Traders will) as the more prominent area for Buyers to reside is likely around Hourly 4 chart's Resistance zone which is crucial chart to rely on, having seen how well it held Price-action Lower since April #14. This is a cautious market at the moment.


Technical analysis: While the Short-term configuration on Gold is indecisive and ranging, there is a risk of Lower Price-action ahead of new upswing. However, I do expect Selling to remain very limited and Bullish Medium-term overall. Due major Support break on Hourly 4 chart recently, if Price-action delivers similar sequence then #1,952.80 benchmark remains very possible Target for Sellers. If that's the case, I am expecting (#-2.57%) decline in extension (similar to April #14 - April #16 sequence) fuelled with Bond Yields are soaring and testing Annual High's. If downtrend is stalled and Price-action starts recovering, market closing below #1,991.80 former Resistance now turned in Support negates all Bullish bias regarding the Short-term. As expected the #1,971.80 - #1,982.80 Support zone held throughout late E.U. session and that development alone gave Gold a strong boost back above the Daily chart's #1,991.80 Resistance (former Support line). Gold's Short-term remains Bullish regardless of Intra-day's aggressive slide throughout yesterday's session and the next Technical Target remains #2,052.80 psychological benchmark as long as Gold is Trading above the #2,000.80 barrier. This strength of Gold is maintained despite current rise on Bond Yields and the indecisive moves on DX, and every time Price-action gets rejected near the Support zone, Gold will be forced once again towards the Resistance (and vice-versa). Current aggressive spikes to the downside are pointing on decreased demand for Gold and that Fundamentals are slowly leaving the scene. Based on Hourly 4 chart's dynamics, Gold's Bullish trend is preserved and if Resistance zone gets invalidated, #2,027.80 is Target to monitor.


My position: As I have re-Bought Gold near #1,968.80 session Low's throughout yesterday's session (and previously closed my Selling order on breakeven since downtrend delivered priced in firm Bottom), I have closed my re-Buy position on #1,991.80 (delivered decent Profit) as I am Buying every dip that Gold delivers for #2-Month fractal now as I am more than satisfied with my Trading results. I assume no new orders for the session as you had chance to understand, I do not engage positions every session necessarily which is only way to make Profits on the market.