Engaging again my Buying order (eyes #1,910.80 extension)

Gold's general commentary: Gold is holding it’s ground on the Hourly 4 chart (Ranged E.U. session opening came as no Technical surprise) as the Price-action rallies, staying within Daily chart Rectangle but preserving the Bullish Short-term underlying trend. As long as Gold keep #1,871.80 Support intact, I give more probabilities to the upside - since Price-action failed to invalidate Support and lower extension, and finished last Trading week with gains (sign of Buying continuation). The answer can be found in the Selling Intra-day trend on Bond Yields (but Bullish Medium-term) taking strong hits and mixed values on DX (struggling to make Bullish comeback). The Price-action should soon connect with the Hourly 4 Resistance near #1,892.80, was a trend setter throughout December - January, and last time it didn’t succeed to hold, Gold extended the uptrend more than #60 points within #10 sessions. Personally, after weak Bullish E.U. opening today, I still favor going Bearish on the Medium-term, but ideally I would want to see a Lower High broken firmly to be more certain (#1,871.80 - #1,861.80 - final line of the defense). On the other hand, Gold stabilized Technical levels and can now proceed with Short-term Buying bias.


Regarding yesterday's session: Indeed a rather flat Daily chart candle (# +0.05% on Spot prices) as the Gold market was attempting to find a balance between the falling Bond Yields (Bullish for Gold) and Neutral DX (stalling the uptrend), following Biden's tax intentions and general uncertainty. Technically though and on a Hourly 4 basis, Gold is still Bullish on Higher High’s and Lower High’s unless #1,871.80 breaks (last Lower High). The Hourly 4 Top is seen Trading at #1,892.80 and is representing the Resistance zone. The Daily chart regained complete Bullish status and can deliver a Buying signal, but to prevent unexpected scenarios, I had to close my Buying order on breakeven and wait for full confirmation (since last #4 out of #5 times since April #29, Gold stalled the uptrend on excellent Bullish bias) and is too dangerous to approach current market sentiment without strict Risk management. I might see some Bullish action as U.S. session approaches as real trend is likely to be revealed then.


Technical analysis: Gold has ignored constant Low’s on Bond Yields (no recovery signs) and remains basically ranged on Hourly 4 chart but still on Bullish gradient (Lower High’s - Higher High’s). On Daily basis, the next Low is located on the #1,871.80 mid-Support (Since #1,880.80 was broken on multiple occasions). Sellers who didn’t paid attention to DX have been stopped on breakeven and had to close their positions with losses. #1,892.80 is the Resistance, if broken - then the Weekly Resistance line (following the Hourly 1 Channel Up since the May #19) could be compromised as the Price-action will be calling for #1,910.80 Higher High extension and #1,927.80 in continuation. The Price-action is presently on the #2nd Bullish Hourly 4 candle in succession, having closed Friday with gains. DX still didn't found the Support and attracted Buyers, on the other hand Gold is resisting so far further uptrend above the ultimate Top. Ascending Triangle is visible on Hourly 4 chart, ready to deliver Buying confirmation once Resistance gets invalidated. Last time Gold was Trading within Ascending Triangle (May #8 - #17), Gold extended gains with more than #27 points once Resistance got invalidated. I am expecting Bullish continuation regardless: #1) DX is expected to move sideways for another #1 or #2 sessions horizon below the Support which can add Buying pressure on Gold and #2) Bullish Gap fill on Bond Yields may be up to smooth the Oversold Technical action on both Daily and Weekly chart (each on four), providing steady ground for further losses which can spike Gold upwards. From here, only direction is upside, but I cannot rule out small correction before eventual #1,900.80 psychological barrier test, and that’s why I have to be careful for my Stop-loss selection.


My position: As I closed my yesterday's Buying order on breakeven (#1,890.80 confirmation didn't occurred on a very flat session), I have engaged currently new Buying order (without waiting for confirmation as I am confident in Bullish continuation). Target of my order is #1,910.80, as I will add more Buy's if #1,890.80 - #1,892.80 breaks, as Gold can't ignore current Buying bias (all Bullish signals) for much longer.