Gold within Neutral Rectangle for more than #7 sessions

Gold's general commentary: Once again Fundamentals distorted Technical proper trend (Bearish) with unexpected Bearish aggressive Gap fill on DX which added huge Buying pressure on Gold (second in a row Selling spree on DX within couple of sessions, distorting Technical trend on Gold). With eminent Gold's spike upwards on U.S. session opening, Price-action has continued Trading within Neutral Rectangle on Daily chart, as today's session Neutral belt #1,812.80 variance represents a Lower High’s and #1,797.80 Higher Low’s. This is a Natural Volatile response prior to such an important macro Fundamental events next week, and surely current price does not represent Gold’s fair Technical value. DX was losing value with every Hourly candle and progressively added Buying pressure on Gold. Important note: For Gold to obtain Bullish confirmation, it’s needed to comfortably Trade and close the session above = #1,815.80 barrier or more. I am expecting new #1,781.80 test early on next week. Weekly candlestick patterns show anemic activity, which is difficult to determine an Intra-day trend. I will patiently wait for the right moment to add more Shorts.


Technical analysis: Technically, Daily chart turned Bearish as I still don’t see Medium-term recovery signs and Bullish sustainability. The Medium-term charts Daily and Weekly still point to a Lower Price-action which reveals underlying Bearish Long-term trend and this is why I will keep Selling every Top on the longer run. Also, as long as Bond Yields are Trading near Resistance zone, their Ascending Channel will be intact and will progressively apply Selling pressure on Gold, since Bond Yields attract risk seeking capital from Gold. I do expect however the currency speculators to push DX as High as they can ahead of this week’s Fundamental events in order to secure a more comfortable Selling entry in late session near the weekend break. All my previous points and entries remained intact. Regarding current session, I see current Intra-day recovery as not sustainable, as there are more than #3 firm Resistance lines ahead of #1,820.80, with emerging Double Top formation on Hourly 4 chart. Hourly 4 chart’s Bull’s have to recover #1,815.80 as soon as possible, otherwise Gold will drop further. As discussed many times, I stick to my formula that Gold will not shine anymore in crisis times (if this was #1,980 Year, Gold would be significantly Higher). With all current (Fundamentally Bullish for Gold) developments: new virus variant and general uncertainty in all market classes, Gold (as a safe-haven) is not soaring, which confirms my outlook and will be not used as an sole hedge asset anymore.


My position: My Selling order which I engaged early on throughout yesterday's session triggered #12 point Stop-loss, and even though Gold is within Ascending Channel on Hourly 4 chart, many aspects make me sceptical regarding whether this is sustainable. Remember, as long as Bond Yields are on recent High's, Gold's recovery will be limited. As Gold is Trading within Neutral Rectangle for more than #7 sessions (Buying Low's and Selling High's), I will chose not to Trade this anymore and will wait for #1,797.80 break to Sell towards #1,781.80 Support zone, and will Sell again if I have Medium-term confirmation, as current Price-action is suitable only for Scalpers. Since holiday is ahead, traditionally, Low Volume sessions are ahead as I do not expect much from them. I am currently on #7 Profits row and #1 Stop-loss hit regarding November - December fractal.