Gold on critical crossroads / Neutral Short-term

Gold's general commentary: As Bond Yields were Trading on losses for #4 consecutive sessions, I had the clear upside confirmation regarding Gold. Current configuration should last at least as High as #1,917.80 (my previous Bullish model remains valid). If #1,917.80 breaks, you may re-Buy aiming at #1,927.80 (way above #1,900.80 psychological barrier). As expected, Buying accumulation I discussed throughout the last week started and the Technical reason behind it was the Ascending Triangle configuration which was adding confidence to Buyers, attracted Short-term Investors, triggered their Buying orders. Hourly 4 chart remains an Channel Up (already broken above the Ascending Triangle), so I will be keeping an eye on the Daily chart’s #1,917.80 for Medium-term Resistance and the Hourly 4 chart's #1,900.80 for Short-term Support. Technically the Daily chart's #1,917.80 Resistance has been unbroken since January #5 and rejected the Price-action on multiple occasions, so you realize the significance of this level.


Technical analysis: Gold’s upswing extended (Ascending Triangle Bullish break I mentioned) almost as High as the Hourly 1 chart Resistance as the Price-action rebounded again, currently about to test the #1,907.80 - #1,917.80 Neutral zone (Higher High upper extension). Ahead of the Fundamental data throughout current week and as long as the Daily chart is Bullish (about to form Golden Cross), I don't want to take excessive risks, but Technically if I have an upside attempt and possible rejection near the #1,917.80 Resistance zone, then a rejection back towards the #1,892.80 and #1,880.80 is more probable, where if Gold closes one full Hourly 4 candle below the Support, I have a Bearish breakout towards / correction towards #1,850.70 Lower High. Market closed above the Resistance, which means that Gold can peak near #1,917.80 within #2 sessions (of course if Yields continue the Bearish trend and continue Trading on Annual Low’s).


My position: As I am more than satisfied with my Monthly Profits (#6 Profits and #1 Stop-loss hit of #6 points), I won't be rushing onto new position and endanger my capital. Certainly, Price-action can go both ways from this point, but my model leans more to the Selling side since market can't Trade only in one direction. If Gold recovers #1,917.80 it will be a sign of Buying continuation, however if #1,902.80 breaks, it can be a quick spike towards #1,892.80. I will only Buy if #1,917,80 breaks, and I will Sell (with extreme care and moving my Stop-loss every #2 points) if #1,903.80 breaks (pursuing #1,885.80 in extension). All in all, I am aswell ready to sit out today's session if it provides me no entry opportunities.