Buying strongly limited / possible correction towards #1,785.80

Gold's general commentary: Gold is consolidating below the Hourly 4 chart Resistance zone, leaving my Neutral Short-term perspective literally unchanged, as the Higher Low’s trendline is still Supporting the uptrend. I still see #1,813.80 break as an solid Buying entry (Target #1,827.80) with Gold looking idle and without major recovery, I will take the Selling opportunity market is offering, as DX has paused the eminent downtrend. Bond Yields are Trading near the Resistance zone and DX is far away from showing the way of the new recovery, and without the FOMC news, I am looking at an decent chance for Gold to slide towards #1,780’s. It is important to note that Q1 was the worst Quarterly fractal for Gold in #39 Years.


Technical analysis: Recovery continuation on Gold throughout one of the most Volatile sessions of the Trading week (at least for now), in configuration (which should be Bearish for Gold) on the E.U. opening aftermath, breaking all Resistance lines miraculously and again reversed since DX (was near #10-Month High) reached the Bottom and is currently on a firm recovery path at the moment, which is adding Selling pressure on Gold. Uptrend on Gold is stopped as vaccine news hit the markets (FDA approving the Pfizer vaccine) and trend shift on both DX and Bond Yields can accelerate Gold downwards and touch #1,788.80 Support zone. I will continue Selling as long as Bond Yields are without a recovery. Fundamental events should appear as relief news and make DX break the Resistance and Gold to lose (less attractive for Investors), but configuration went other way around, and not to calculate more, there is the rule which I mention constantly (what was the Support, becomes the Resistance and vice-versa), I am a bit surprised that Gold recovered this much and #1,778.80 former Medium-term Resistance break (now is Trading as a Support) will shift Gold from Bullish to Neutral on Short-term. I will monitor the situation and will wait for confirmation of a breakout (either below the Hourly 4 Support or Daily chart Resistance), in order to Sell again or near #1,800.80 barrier, or Buy Gold if #1,812.80 breaks. That is the plan and in my opinion it is the most viable to get the most of the current Price-action.


My position: As #1,808.80 - #1,812.80 Resistance zone holds firmly, my estimations are showing that uptrend is strongly limited and if correlating assets Trade in Sellers favour, #1,800.80 psychological barrier break can engage more serious decline towards #1,778.80 extension. I will be ready not to miss it certainly, as such market opportunities are always delivered after uptrend extension reaching the Top. However, #1,813.80 break can peak Gold towards #1,827.80, but that variance has less chances to develop, at least for today's session.