As discussed throughout my yesterday’s session commentary: ‘Technical and Fundamental analysis: Gold manages to maintain High levels despite the major Resistance line break-out and stabilization on Bond Yields, in addition as well very decisive recovery attempt on DX was quickly rejected near Medium-term Resistance zone as Buying intent does not go well with current market sentiment and ceasefire deal on Middle East problematic. Especially the fact that the Bond Yields broken the first Support on Daily chart’s Ascending Channel (which is a good sign for Gold’s Buyers), makes Gold very Bullish on the Short-term, with it’s own Hourly 4 chart having regained complete Bullish status for the first time in #37-session horizon.
My position: I have been mentioning that Selling sequence in form of a correction is Short-lived and Bullish bias on Long-term is here to stay. I maintain my #6,000.80 benchmark Target and do not Sell Gold anymore at all costs, Buy’s only. I believe I am always right on Gold’s Long-term cycles.’
Technical analysis:
Gold continues to Trade within healthy Hourly 4 chart’s Ascending Channel, holding tightly the #4,852.80 psychological benchmark as an pressure point (spot how it held recently on the exact spot). Assuming this pattern continues, then the current market sentiment represent an additional solid Buying opportunity towards the #5,000.80 benchmark extension (June – July Annual High’s), as crisis sentiment is still on the markets so safe-haven assets such as Gold (on a High demand) should benefit which should add Selling pressure on Bond Yields and DX (my strongest correlation charts at the moment). There are walls of Resistances lines left towards my Medium-term pressure point however can easily get invalidated towards #5,000.80 benchmark which is posing as my Short to Medium-term Target. I’ve been highlighting the #5,000.80 benchmark potential, and I assume with current market overview, Gold may test it within #60-sessions time. After the Higher High’s (High’s / Low’s) extension, it is anybody’s guess but my estimates show #6,000.80 benchmark barrier test on the aftermath.
My position: Another excellent session yesterday, Buying Gold from my key entry points, especially Selling #4,727.80 Support break-out towards #4,705.80, where I Bought Gold aggressively towards #4,732.80 once again. Throughout today’s session, I will Buy Gold only above #4,772.80 Resistance, and I have my pending Buy limit on #4,727.80 once again. Patience is required to make Profits on Gold.