Gold soaring on Fundamental pressure / Top is near

Gold's general commentary: Despite yesterday's session positive Fundamental events and hawkish Fed's minutes aftermath, Gold managed close the session Higher and above Daily chart’s #MA50. My key Bearish breakout point of #1782.80 was preserved, and according to my correlating assets, Bond Yields closed the session on parabolic downtrend and dropped from #1.680 towards #1.521 and DX from #96.90 to #96.40 Support cluster, both Trading Lower. That makes me believe that Gold’s decline regarding Short-term is postponed until next week as Gold started it's corrective pullback to cover it's loses and normalize Oversold levels towards #1,812.80 - #1,815.80 cluster.


Technical and Fundamental analysis: Gold is soaring purely on Fundamental pressure (lockdown fears where Investors use Gold as a safe-haven, new virus outbreak) a mix which corrected current Weekly losses. This was not Technically fair, and once when Fundamental pressure eases, Gold will continue the Selling bias on the Short-term. Buying Fundamental rises is dangerous as rise can be altered anytime, and start a rebound. Technically, if Resistance cluster gets invalidated, Gold may Target Quadruple Top zone near #1,832.80, on the other hand, since Support of #1,800.80 is near, invalidation can engage #1,782.80 Support in motion once again. I was comfortably on sidelines, preserving my #3 Profits consecutive run, and since it is Friday's session (weekend break ahead) and Fundamental pressure, I will sit out today's session aswell, and preserve my capital for next week's Price-action. Enjoy this week's Profits and have a great weekend!