Technical analysis: Gold is again under pressure ( Xau-Usd in focus on my analysis) on the current Hourly 4 candle, despite staying Technically Neutral, with the Hourly 1 ready to Support the Price-action – soon to be tested. It is not at all encouraging for Buyers, that the is about to turn which in my opinion indicates that if the Hourly 1 Support breaks again (#1,763.80), Gold can even test the #1,740’s belt. The session went according to the plan I set earlier as Gold got rejected just below #1,786.80 area (strong Resistance) showing reversal signs. Gold is Technically and Fundamentally equipped for an aggressive decline. If E.U. opening delivers sentiment (#10$ or more tomorrow), I may see a quiet Selling session on the aftermath. As discussed, I will not be surprised to see #1,792.80 tested again as Yields are on parabolic downtrend. I will be waiting to engage my Selling sequence towards Lower zone. Interesting should yet be repeated, as Gold is cyclical asset. On September #24 – November #6 variance, Price-action was ascending after Bottom test, and delivered another Lower Low extension on the aftermath. Same variance occurred on (November #30 – January #5 / March #8 – #18, March #31 – April #22). Gold touched the Support, rejection followed – if cycle is yet to be repeated, Gold might stall the Price-action for #1 – #3 sessions then deliver sharp move towards #1,727.80 Lower Low (Target zone).
My position: I am currently on sidelines without taking excessive risks. I will Buy Gold only if #1,786.80 Resistance breaks, calling for #1,800.80 psychological barrier extension, while I will Sell on spot if #1,765.80 breaks, calling for #1,740.80 extension. Technically Gold leans more to the side (Bond Yields on main stage). However without a strong catalysts, don’t be surprised if you see thin throughout today’s session.