Gold is Targeting #2,052.80 and #2,076.80 in extension

Gold's general commentary: Gold engaged Buying sequence as I’ve been monitoring it throughout yesterday's E.U. session, while market closing above the #2,010.80 - #2,014.80 (which represents former Resistance zone) Support zone was calling for aggressive upswing motion towards #2,052.80 psychological benchmark. Since the #2,020.80 first Resistance got invalidated and Price-action was comfortably Trading above it, Gold set Target for March #3, #2020 peak (was priced in in form of a wick) of #2,052.80 benchmark as discussed lately, however downside potential seemed very limited even though that Bond Yields were soaring for #3-consecutive session row. Hourly 4 chart’s candle though turned Bullish which was isolated within the Neutral Rectangle as I did not had strong rejection as yesterday's U.S. session was approaching. Hourly 4 chart was still an Ascending Channel but practically Gold has been Trading sideways on the big scale (#2,003.80 - #2,028.80) since since April #4 (futures too) with Tops being made roughly every #5 - #10 sessions so, to rule out Bearish reversal / correction in extension, I will await for market closing today to confirm the uptrend. The Low-risk High-reward Trade is to Buy as close to Support as possible and aim at least for the Hourly 4 chart’s sequence - near #2,052.80 extension, however if #2,027.80 gets tested and invalidated - the Price-action will most likely make a local Low’s near Support zone.


Technical analysis: Hourly 4 chart’s Ascending Channel broke to the upside on one of the most aggressive Bullish candle sequence since September #27. This move is attributed to the Technical necessity for #2,042.80 Resistance test extension and the Bond Yields on parabolic downtrend (not beating the forecast by a good margin as speculators expected) which shifted Gold once again in High demand above it’s Daily chart’s Resistance cluster / pricing in #2-Year High’s. Fundamentally, softer CPI report Naturally made Fed to deliver more dovish stance as Gold is cyclically more sensitive to dovish surprises than hawkish. Bearish Gap fill on Yield was applying additional Buying pressure on Gold (also representing necessary confirmation) which now aims to find Support within #2,020’s where the Daily chart’s Support fractal also happens to Trade within. This was Bullish continuation signal after such violent candles however Hourly 4 chart is slightly Overbought (evident Double Top forming), pointing on more gains regarding both charts as there is additional capacity for Buying sequence towards August’s ATH’s level. It is still too early to speculate the timing of ATH’s test as long as #2,052.80 psychological benchmark is untouched, however as long as Gold is Fundamentally equipped for uptrend, do not expect any meaningful correction on Gold, regardless of the Technicals. #2,052.80 and #2,076.80 are my Medium-term Targets.


My position: It was evident how yesterday's session first #2,035.80 Bull spike liquidated many Short-term Sellers of the market, triggering their tight Stop-losses and later on it was Natural to expect contact with #2,042.80 first Resistance. As I am on #8-consecutive Profits row and it is final session for the Trading week, I will not make any more moves and will comfortably take early weekend brake.