Gold revives Bullish interest

Technical analysis: As discussed, as long as #1,982.80 - #1,991.80 Support holds, Gold is more likely to push towards #2,000’s for a #2-Month High’s test, still within the Hourly 4 chart’s re-Buy zone. With Fundamental announcements easing real trend about to be revealed (as yesterday's Selling sequence was altered where Gold delivered Intra-day's relief rally), since today’s Price-action delivered the session High test around #2,003.80 and most likely market will close above the #2,000.80 psychological benchmark, triggering most of the Sellers Stop-losses and as Bond Yields reversed and printed another green candle above the Daily chart’s Support (however still Trading widely below #MA50 on Daily chart), Gold once again reversed above #2,000.80 psychological benchmark and is comfortably Trading above it. This shows how unstable Gold's Intra-day has become and that I should expect side Swings on Short-term, but those are going in favor to my Short-term strategy as Medium-term trend remains Bullish. The Short-term Price-action has turned Bullish just over the Hourly 4 chart’s second Support of #1,982.80 and it is interesting to mention that even the Hourly 4 and Daily chart to a certain extent are Bullish. Everything depends upon the Bond Yields recovery and to a lesser extent DX (on spiral downtrend due to the recession news) so I can't make any Short-term recommendations other than implementing strict Risk management. See also how Xau-Usd (spot price) and GC (Futures price) are finally closing the gap and getting into tight range again. Technically, if #2,010.80 breaks, #2,027.80 should be next extension, with Support zone seen Trading within #1,982.80 - #1,991.80 - if tested, Gold might potentially stay Neutral for a few sessions in a symmetrical manner as April #14 - 16.


My position: I am expecting Buying sustainability and continuation, however it is still early for me to engage without the confirmation, even though my recent excellent Trading results which allow me additional risks. I will observe Price-action without any positions, however if #2,010.80 gets invalidated, Buying might be accelerated towards #2,027.80 extension (former Annual High's). As long as Fundamentals guide the market, do not expect any meaningful correction on Gold, just Intra-day Selling opportunities such as yesterday's one.