As discussed throughout my yesterday's session commentary: 'Technical and Fundamental analysis: With the Fundamental events positively exceeding forecasts and as discussed, Gold is soaring on #4-consecutive sessions of Buying spree while DX still didn’t initiated an more serious recovery / struggling to make a Bullish comeback which added enormous Buying pressure on Gold however current DX numbers or any other factor isn’t impacting Gold rather than non-stop rising, indicating elemental shift in the trend. Technically, upswing Traders are witnessing on Gold should appear as no massive surprise that Price-action delivered a session High’s near #4,302.80 benchmark / local peak delivering almost #300-point relief rally without significant cause. When Gold is soaring this much without DX news or Middle East further escalation, it indicates that market speculators are preventing #4,002.80 benchmark (posing as a floor which I mentioned many times) break-out to the downside which could deliver #500-point decline in continuation. In current market, each Support zone rejection can be considered as an another Buying opportunity (and vice-versa regarding the opposite side however this is aggressive Bull market Gold is Trading on). Current Bearish spikes are mainly attributed to the turnover on both DX and Bond Yields as aggressive Bullish spikes became new norm currently even though that peak (hard Resistance zone which is very near) rejected the Buyers intent on multiple occasions. It is important for the Hourly 4 chart to break the Resistance cluster of #4,292.80 - #4,302.80 on one try, as the current momentum still holds some Neutral bias as Gold is soaring for #4-consecutive sessions. My practical suggestion is to re-Buy each local Lows and add more Buy orders on #4,302.80 eventual break-out to the upside.


Technical analysis: No surprises so far as Gold invalidated the last barrier of #4,302.80 on Spot prices, confirming the upside wave towards the #2-Month old Resistance zone. Daily and Hourly charts turned Bullish again but based on the Weekly chart’s (#1W) candle regression since end of September, it is safer to Buy after every red engulfing candles (translated that it is optimal to re-Buy each hard Support zone rather than Buying blindly in attempt to find the reversal point to the upside). Bond Yields are on critical crossroads and should stay above their first Support, as their spiral downtrend had Bullish after-effect on Gold. Gold is now Technically and Fundamentally equipped for Buying sequence in continuation, but it is still early to speculate on exact timing since this is last session of Trading week. Technically, both on Oscillators and Candlesticks, Gold should gain value with every Hourly 4 chart’s candle minimum towards #4,352.80 benchmark (Higher High’s local peak extension). Gold is holding it’s ground on the Hourly 4 chart, preserving the Bullish underlying Short-term trend. As long as Gold keep #4,202.80 benchmark / Support intact, I give more probabilities to the upside.


My position: As I mentioned, this is aggressive Bullish trend and total Buying domination (without any Technical Top's so far), so stay away from Selling Gold and turn to Buying. My #4,002.80 benchmark projection was spot on as it was used as an 'floor' many times in last couple of Months. If #4,327.80 gives away, expect #4,352.80 to be filled easily.