No changes so far / Gold within Neutral rectangle

Gold's general commentary: As expected Gold found Support again on the Hourly 4 chart’s #1,782.80 - #1,788.80 zone and rebounded back near the #1,800.80 benchmark, in the same manner representing semi-Resistance. This will be the #5th test of that Resistance level since October #19 and it is no surprise that Price-action reached on the Fed minutes aftermath. Even though Wednesday’s Fed minutes minutes were historically one of the most important readings (having direct impact on Gold), I may see movement below #1,788.80 Support after today’s U.S. session as the Daily chart’s RSI is relatively idle. The consolidation within roughly the #1,788.80 - #1,800.80 zone is one of the tightest and strongest in recent Month (the Daily chart’s Volatility is very High fuelled by a Buying pressure (Gold as a safe-haven due new virus outbreak) and Selling pressure equally (Technically Gold is strongly Overbought). This is of course the outcome of the virus outbreak/uncertainty and sharp Sell-off on the Bond Yields (due to the virus pessimistic outlook on the quickness of the recovery), as Investors are caught in the middle of Buying because of Gold's safe-haven status when riskier assets decline and due to last week’s strong decline on DX currently on #6-session Support. I have mentioned my case on the DX, that normally it prevails as the main safe-haven (as it happened in late March #2020) in times of Stock markets crashes - which engages correction with Gold that both assets (Yields and DX) rises and Stock markets decline. This formation puts significant Buying pressure on Gold.


Technical analysis: For current session, best to do is stay on the safer side (without an order) and wait for Support break. Personally, Gold is near the Top and I should see #1,788.80 break, but is so far holding and is the level I am focusing at. The Fundamental side down-played the quick fair Technical value Price-action hopes which the Investors had, especially since May’s fractal, and the sharp Yields Sell-off benefited Gold, and Buying pressure Traders see is the outcome of Yields trending downwards and DX rejection on strong Resistance zone. Gold can spike towards #1,808.80 as engaging an Selling order now is risky shot at the moment. It is best to wait Selling confirmation below #1,788.80, as I don’t have High hopes for today’s both late E.U. and U.S. session.