Gold Targeting #4,000.80 markTechnical analysis: The #3,745.80 former hard Resistance now turned in Support is now crossed and Gold is now Technically ready to accomplish new local High’s. Personally, I am surprised that Gold didn't re-tested #3,700.80 mark on renewed DX strength as it was fair to expect it both Fundamentally and Technically. Gold recovered #3,732.80 - #3,757.80 without any catalyst (strong Hourly 4 chart's series of Bullish candles) which in my opinion wiped out and liquidated many Sellers from the market. This will be essentially a Higher High’s Upper zone first on Ascending Triangle which was created throughout yesterday's session which was invalidated to the upside / validating my expectation of an #10 to #15 point Trading range (Rectangle) on however aggressive pace for the next #1 - #2 session horizon. The (#1W) Weekly candle is now at (# +2.67%) and the week will most likely close on a positive note following last candle's (# -0.67%). I will take advantage of the Lower High’s Lower zone, giving distinguished Buying opportunities within this relief rally / Bullish Intra-week cycle and Profit on wide timeframes for reduced Risk. Traders have to realize that Trading against Gold’s Hourly 1 and 4 charts should backfire sooner or later. I am looking at #3,762.80 / #3,778.80 / #3,782.80 and / #3,792.80 test initially as I do expect that Trading will be performed widely above #3,800.80 benchmark mid next Monty as even strong DX didn't managed to deliver more serious decline on Gold. #3,722.80 benchmark however is next strong Support and break of the configuration will negate Short-term Bullish potential. I am very satisfied with my Bullish stance and Profits I am making on Intra-day basis even though I am well known Seller of the market (I have to adjust to the trend). Needless to mention, I do expect and preserve my #4,000.80 mark as my Medium to Long-term Target. Enjoy the Profits and have a great weekend!
