Buying order engaged / #1,782.80 Resistance on Buyers aim

Gold's general commentary: Eventually the Hourly 4 chart’s Ascending Channel delivered strong impulse and as the Price-action priced in once again Higher High's Lower zone impulse above #1,752.80 psychological mark throughout E.U. session, sole development which Naturally should initiate the aggressive Bullish leg towards the Higher High’s trendline (well Supported by Low’s on Bond Yields). The Hourly 4 chart's Resistance is seen Trading at #1,762.80 and should work as benchmark in order to complete the Bullish sequence which is calling for third Higher High's extension around the #1,782.80 strong Resistance zone. Even though the Upper zone of Higher High's was at #1,752.80, breaking of mentioned configuration most likely postponed the Technical Selling potential, as the Short-term Bearish trend would not resume and will come to an end (at least for current week). In my opinion if the #1,782.80 Resistance breaks, Gold should spike towards #1,800.80 psychological mark, and break of can test #1,850.80 variance (January #21 - January #29 Double Top zone), however for such sequence to be realized, DX should Trade significantly Lower.


Technical analysis: Despite the spiral downtrend on Bond Yields and DX in attempt to find the Support, (Gold was almost flat), Price-action has managed to rise throughout the U.S. session and test the #1,745.80 - #1,752.80 Hourly 4 chart’s first Resistance zone. This is the Bullish extension of the Lower High’s Upper zone sequence within the Hourly 4 chart. There was evident Double Bottom formation (December #7 and December #10 Low’s) and last time Gold printed Double Bottom formation on Hourly 4 chart (October #8 - October #13) Gold spiked up almost #90 points, so if Daily chart allows yet another Double Bottom, Price-action may test #1,800.80 psychological benchmark. It is evident on the charts that Gold is Trading on classic Investment banks strategy (creating dips which are instantly Bought, example on December #2, #4, #6) as E.U. session’s decline was instantly Bought throughout yesterday’s session, implying that Gold always repeats it’s cycles and that historical resemblance is key aspect in Gold Trading. In my opinion #1,727.80 - #1,733.80 was the Highest extension of the former Hourly 4 chart’s Descending Channel. If however #1,762.80 breaks, Gold can peak towards #1,782.80 Resistance variance within #2 sessions. Otherwise, #1,733.80 is my Support and if invalidated, #1,722.80 should be the next extension which may be filled instantly. No Medium-term strategy shift so far as Weekly chart shows Selling configuration on almost all Moving Averages. Keep in mind that #1,700.80 mark break may extend the Selling sequence all the way towards #1,615.80 - #1,618.80 September’s #2-Year Low’s.


My position: I have engaged my Buying order with #1,752.80 as my key entry point. Even though it is U.S. holiday, it is important that I positioned myself on the market, aiming #1,762.80 first then #1,782.80 in extension. Those are most viable Targets for Buyers.