Gold remains stationary throughout the session

Gold's general commentary: The former Support of #1,821.80 has turned into a Resistance in a symmetrical manner as it has done throughout June - July fractal, as Gold is eyeing Higher levels for more than #5-sessions horizon at the moment. Looking at the wider timeframe of Daily chart’s Rectangle and the Higher High’s trendline of the broken Hourly 4 chart’s Descending Channel, I am expecting uptrend continuation and values around #1,827.80, but not on current idle market bias. After that it is anybody's guess but Technically, Gold should see a similar pullback towards #1,752.80 psychological mark or less, also even Lower due reasons I was mentioning throughout my commentaries. Short-term Traders should Trade with caution as Volatility could arise even more, as Gold is showing mixed signals regarding Short-term. However, no changes on the Daily perspective as the Price-action remains Bullish above the Hourly 4 chart’s Support and below the Resisting line.


Technical analysis: As the market is waiting for a catalyst, I see no alternative under such a Neutral setting but to remain on sidelines until opportunity arises. There is a delicate balance of Gold's Price-action with the Volatility on the U.S. Bond Yields and DX (DX was Trading near #2-Week Support zone and Bond Yields skyrocketing, then struggling to make a Bullish comeback). This is what is keeping Gold Neutral but on Positive gradient relative to last Week. On normal Trading conditions, I would Buy on spot right away, but currently, as fair Technical estimate is invalidated #3 out of #3 times, I need to be careful with Stop-loss selection, not adding more orders on ranging markets. I am expecting #1,827.80 test firstly, and if broken, #1,852.80 in extension. As is evident from last few sessions, Gold’s unusual spikes are becoming new norm and if I engage my order, it can be invalidated Intra-day with spike in opposite direction. As I was not expecting anything worth entering from today’s session, I will sit it out and plan where to position myself ahead of catalyst of the week. Eventually, new Hourly 4 chart’s Ascending Channel delivered strong impulse and as the Price-action made a Higher High's Lower zone above #1,808.80 - #1,812.80 throughout E.U. session, it Naturally initiated the aggressive spike towards the #1,821.80 Resistance (well Supported by Low’s on DX), however I spotted many rejections there, realizing the importance of that level. The Hourly 4 chart's Resistance zone is priced at #1,818.80- #1,821.80 and should work as the zone of utmost importance in order to complete the Bullish sequence which is calling for a second Higher High's extension around the #1,827.80 - #1,832.80 zone. Even though the Lower zone of Higher High's is seen Trading at #1,800.80 psychological benchmark, breaking of mentioned configuration would invalidate the Technical Selling potential, as the Short-term Bullish trend would not resume and will come to an end (at least for current session). In my opinion if the #1,827.80 Resistance breaks, Gold should spike towards #1,837.80, and break of can test #1,852.80 variance and above (January #21 - January #29 Double Top zone). Current Price-action points to a no call zone for me, as my re-Buy zone is near #1,800.80 benchmark. Keep in mind that current sessions may hold Neutral bias as all holiday's are approaching and such sessions contain less or no Volume within.