Gold Targets #1,883.80, then #1,895.80 extension

Gold's general outlook: Aggressive Volatility came as no surprise throughout yesterday's session, as candles were arriving strongly and distorting Technical trends. The Price-action is back up passed the Weekly High on Daily levels and Long-term Investors will start taking Profits on their orders. Checking the Williams% on Hourly 4 chart on biggest percentage this Year, I doubt that Gold will rise more than #2,008.80, at least for #2021 Year (#1,962.80 is maximum until February, according to my estimations). Despite all this and from a Technical stand point, Daily chart is showing that dip correction is over with Lower High’s, able to convert into a Rising Wedge with #1,883.20 as an Resistance, if broken then the #1,895.80 call should be tested and will engage Buying sequence on the Medium-term. However, #MA50 is preserving the Channel Up and keeping Short-term Selling bias alive. As I can clearly spot, these are the most Volatile times on Gold since #2020 with the Volatility variable on #91.82% (current Week), last Year the variable was on mere #72%. Long-term the data are there to Support an uptrend, as Stimulus news can push the market upwards if decline occurs. For Short-term, Gold is still Neutral as #1,865.20 - #1,875.80 is Volatility zone. Gold is once more used as a Safe-haven against the DX on a small decline that was triggered after the official tariffs passed.


Technical analysis: Irregular movements at the moment on the Short-term as Gold (Xau-Usd on my focus) continues to Trade sideways within the #1,860’s belt / Resistance is invalidated on #2 occasions and #1,847.80 Support on the Hourly 1 chart, #3 occasions. If I can draw anything positive out of the yesterday’s session, is that Gold revealed the underlying Short-term trend switch to - Bullish. I expect small correction on today’s U.S. opening and aggressive correction towards #1,885.80 pressure point. One important difference though: the Daily chart #MA50 broke and for the first time in #27 sessions, Gold is testing it from above as a Support, which makes Gold Bullish on Short and Medium-term. Death Cross aswell as all Technical rules are invalidated as Bearish rally is almost completed as I don’t need more calculations on Gold, as it should test #1,895.80 extension back to restore Bullish domination. Yesterday’s #1,836.80 Bullish Gap fill didn’t had any catalyst which I was trying to detect, while #MA50 break on Daily chart, didn’t engaged the Bullish sequence.


My position: I have made nice Profits on Support break yesterday (closed my order near #1,836.20) and was patiently waiting for #MA50 break on Daily chart, which happened as I Bought on #1,862.80, and still currently hold my Buy order, if Gold extends the uptrend.