Gold leans more to the Buying side above #1,800.80 barrier

Technical analysis: Important Trading Week for Gold ahead as the traditional Volatility is visible on the markets (for more than #14 sessions sharp) as Fed (doing the same maneuver over and over again to postpone, but not to prevent the final crash) is Repurchase agreements scheme and inventing such thing as “Federal Debt ceiling”, as discussed above is traditional movement of the Fed as they want to pass another huge Bill (which will be released shortly) and their main aim is to remove the public’s attention from huge disastrous Bill they are about to pass / offload, and shift it towards Debt ceiling issue. This is Inflation data and always keep in mind Gold's role in current market sentiment against Inflation, but with current hyperinflation growing on Daily basis, I do not see Gold as sustainable sole asset as hedge against it. From #20 - #30 sessions aspect and point of view, if chart is consulted (observing September #3 High’s and September #30 Low’s), it is obvious why the Price-action is caught in middle of Neutral Rectangle (but leans more to the Bullish side as Price-action is comfortably Trading above the #1,800.80 barrier). No surprise then why Hourly 1 chart is Neutral, unless #1,792.80 or #1,812.80 breaks. An break to the upside sets Target for the #1,832.80 belt (Quadruple possible rejection regarding Daily chart’s configuration) while a break to the downside back to the #1,761.80 Low. Gold still is product of High speculation mode, and Volatility narrative is still present on the market, where today’s session developments on DX (which should be extremely Bearish for Gold) had less or no impact at all. I will continue to Trade with strict Risk management, until U.S. government passes the Bill and market returns to normal condition. Gold should test the #1,823.80 Higher High’s, and reverse into a meltdown towards #1,761.80 or less.


My position: I have closed my Buying order throughout yesterday's session with few points in Profit, nothing significant. Regarding Gold's Intra-day sentiment, Price-action leans more to the Bullish side, however I do not think engaging order at the current market Price is a clever decision for #2 reasons. #1) DX is comfortably Trading near the Resistance zone and can pressure for a #1,792.80 Support test on Gold anytime, triggering my (would be then) Stop-loss, and #2) Every decline towards #1,792.80 Support zone cluster can be seen as an re-Buy opportunity, but it is not worth implementing such model as I do not see decent use of it, just covering the possible loss if Price-action dips, if I engage at the moment. Best option at the moment is to wait for a retracement on DX and then make a move, Buying towards #1,823.80. If Price-action adds some Resistance near #1,812.80 - #1,814.80, it is best to alter the order there. If #1,792.80 breaks however, Price-action can continue the decline towards #1,778.80.