My model postponed / Crossroads for Short-term

Gold's general commentary: Gold remains Bearish on a Hourly 4 basis and will continue to do so as long as the Daily chart #MA50 is holding. The Higher Low zone since January #11 is about to break for the first time if Gold close a full Daily chart candle above #1,744.80, or typically break #1,750.80 April #7 High. I will wait for area to be engulfed and then make my move, as it is hard to speculate where the Fundamental pressure will guide Gold. Bond Yields spiked down because of Johnson&Johnson vaccine news and distorted fair Technical trend, but I see no reason to change my outlook as fair Technical price should be around #1,710.80 by now if there was no Fundamental news. Technically see the potential for an Channel Up extension on Hourly 1 chart as not sustainable, but calling for #1,753.80 configuration, as market is Trading on Fundamental catalyst where Bond Yields were losing with every candle, engaging Daily chart’s parabolic downtrend on Yields. If #1,760.70 breaks however, it could engage solid Buying sequence, everything below will represent re-Sell zone. I might Sell again only if #1,735.80 breaks.


Technical analysis: The current set-up on the Daily chart is still a solid Channel Down with the #MA50 rejecting the uptrend (from February #3) and well Resisting the Buying pressure from Fundamental news. Right now the Price-action is near the Higher Low trendline of the pattern, so it is Natural to expect a pullback to the Support of #1,727.80 if Resistance isn’t invalidated, before the trend resumes and decide where next. However, yesterday's session Wall Street opening Bell brought heavy Volatility (vaccine news which spiked the Bond Yields downwards) to the table, so it is best for me to keep operating with already thought model which I have since any rise to the upper Higher Low zone is Sold back since January #14. Bearish leg should be Targeting, typically #1,705.80 first Lower Low fractal if #1,735.80 breaks (only #2 Supports are guarding the #1,700.80 psychological barrier (#1,727.80 and #1,723.80), and that's why it will be easy for Gold to test it). Needless to mention, Gold would be significantly lower if Fundamental news didn’t distorted Technical trend. I am expecting #63 point decline within #10 sessions.


My position: My yesterday's position was invalidated as I had to close it in losses (because reasons I mentioned above, near #1,738.80), as I am not interested in Buying on Short-term, unless #1,760.80 breaks. My model was not invalidated, just postponed. If #1,735.80 breaks, #1,723.80 should be next step, while #1,723.80 break will be calling for #1,700.80 sequence. I will take that into consideration.