Gold on undisputed Bullish trendTechnical analysis: As expected the #3,448.80 - #3,452.80 Support zone held throughout late U.S. early Asian session and such development alone gave Gold a strong boost back above the Daily chart’s #3,472.80 Resistance (former ATH's values line). Gold’s Short-term remains aggressively Bullish regardless of Intra-day’s aggressive slide and the next Technical Target remains #3,500.80 psychological benchmark since most of my instruments which were showcasing Bearish turnaround are now shifted to Bullish side (needless to mention this upside move on Gold is directly proportional to Fundamental side). This strength of Gold is maintained despite current rise on Bond Yields and DX as well, and every time Price-action gets rejected near the Support zone, Gold will be forced once again towards the Resistance (and vice-versa). Current aggressive spikes to the upside are illustrating aggressively increased demand for Gold as an safe-haven asset as war escalations are seen worldwide. Based on Daily chart’s dynamics, Gold’s Bullish trend is preserved and if #3,500.80 benchmark gets invalidated, Gold is once again heading for uncharted territory and all sequences are possible.
My position: Continue Buying every dip on Gold and turn to Selling only when Gold closes session below #3,452.80 benchmark.
