Gold within Rising Wedge / #2,252.80 Target

Technical analysis: Gold Naturally found Buyers as heavy Buying pressure is evident on all charts, however DX is on Selling sequence. It is important to note that #2,300.80 benchmark is next Resistance, which is Trading near Weekly (#1W) local High’s as Price-action could find strong rejection there and deny the Buying response in extension. If broken, Price-action will be calling for #2,350.80 psychological benchmark which still do not represent the Ultimate Top zone for current fractal. I will engage my orders accordingly and wait for suitable entry even though I have closed my yesterday's order with #9-point Stop-loss ahead of the final push below the Support zone for the fractal (I have engaged new Selling order with #2,302.80 entry point. However, Gold re-tested and was again rejected on the Hourly 4 chart’s Support keeping the Short-term aggressive Bullish bias alive. Selling candle sequence so far on Hourly 1 chart is not sufficient to deliver firm Bearish reversal, Gold succeeded at rejecting the Price-action and catching already almost all Fibonacci levels.


Fundamental analysis: I expect the last Daily chart’s candle to test again the #2,282.80 - #2,285.80 former Resistance now turned to Support zone when DX finds the Support zone and engages Intra-day relief rally (currently suffering strong hits). If my first downside Target on this uptrend of #2,252.80 benchmark is not achieved by current Weekly closing, I will alter contemplating Selling orders and will find new suitable entry and plan new set of Medium-term Selling orders (addition on what I will open), as the current global Fundamentals are still not too fluid to go through the weekend with open positions. The current Weekly candle is at (# +3.71%), indicating strong Bullish continuation bias, extending the green Daily candle streak to #5. Symmetrical candle patterns is the sum of an otherwise very weak Selling potential with the Price-action pivoting around #2,290’s on High Volatility scenario. My formula points that Investors are waiting tomorrow’s U.S. session to set the (probable correction) pace on DX which will may Selling pressure on Gold. Gold displays clear Bullish signs as it decouples from all correlating instruments but mega overall Bullish trend can keep Gold on this range for quite a while. Since Gold’s Price-action is under unprecedented Volatility and on non-stop rise, I will continue with strict Risk management and very cautious Trading mode.


My position: I have engaged new Selling order with #2,302.80 entry point (optimal Target remains #2,252.80 benchmark which will be certainly met if my Support zone breaks. Gold is seen Trading within Rising Wedge and might collapse aggressively if it breaks to the downside. This is officially #500-point uptrend on Gold within #5-Month time, rarely seen on Gold markets (also without firm catalyst).