Gold under Buying pressure as expected

As discussed throughout my yesterday's session commentary: "Technical analysis: Mixed signals regarding the Intra-day direction on Gold where Price-action entered Neutral belt of #2,700.80 - #2,727.80 on Daily chart where the sequence leans more to the Bullish side, while Weekly (#1W) and Monthly charts remains critically Bearish. Last week's Bullish motion / attempts was rejected near #2,722.80 - #2,727.80 Resistance belt with DX on Selling sequence which confirmed once again how significant mentioned zone is, as well gives me a hint that Investors are not interested in placing any kinds of serious orders ahead of Trump's inauguration, on another hand, market speculators may push Gold Higher in order to achieve most optimal entry point for their Short positions and that's phenomenon alone adds High Volatility on Gold market. However, I am expecting slow pace Rectangle Trading to continue without any meaningful patterns to Trade by as current Price-action could be more or less stationary, even though DX is Trading comfortably near local High’s."


Technical analysis: As expected the #2,700’s Support Zone (Spot prices) has accumulated necessary Buying force, initially to stop the downtrend (Gold pressured by DX rejected near the Resistance and Bond Yields Trading near Support fractal) and make Gold Trade sideways on Hourly 4 chart however under Buying gradient. With the Daily and Weekly (#1W) charts all with critically Bearish points, it is obvious that there has to be an attempt to ease near Overbought levels of Gold and I shouldn’t exclude Bullish spikes on Gold throughout today’s session. On the Short-term, it is Hourly 1 chart that got my attention that has the most probabilities to meet it’s Bearish Divergence and that will be within #2,742.80 - #2,752.80 - (strong nearby Resistance zone). On an intra-day level if Support (#2,700.80 benchmark) breaks, expect #2,652.80 benchmark to be filled however such scenario has small chances to be met. As I mentioned, these pullback projections will be invalidated once Gold crosses above #2,727.80 Short-term Resistance cluster. Gold may defend the Resistance for a short period of time as I highly doubt the Bearish potential, which means that Bull bias is inevitable.


My position: Gold's reversal chances are now negated with Trump's Tariff speculation which delivered hard blow to DX. I do expect Gold to continue soaring and if #2,727.80 gets invalidated, expect #2,752.80 benchmark to be met. Only #2,700.80 benchmark break-out can revive Sellers interest.