Still no confirmation for Buying order

Technical analysis: Not surprisingly, the #2,000.80 - #2,006.80 Daily chart’s Resistance zone worked again as a rejection point and Gold reached #1,970.80 on one single Hourly 4 chart’s candle, and spot how Price-action got rejected exactly on my Resistance line. Equally sharply, Gold rebounded aswell on Hourly 4 chart’s Support zone sequence. Price-action is indicating also the strong Resistance presence at #2,000’s level. If Bond Yields hold the #3.342 Daily chart’s Support and Ascending Channel comes into play (nicely formed), Selling correction on Gold might be extended. I need to point out again that on the Short-term, Gold is still Overbought (even though MACD Buying signals) and still Price-action is expected to pick a side. For Long-term Traders, the trend is still Bullish so a practical suggestion would be to Buy every Bottom to the Rectangle's border within #40 points. On such pace it is not impossible to close the week on marginal losses (now a mere # +4.27%). The Monthly candle however remains on a (# +7.38%) and even below #1,952.80 benchmark is a Bullish close, so practically there is no trend switch on Medium-term trend (Bullish). On the other hand, I was forced to take the risk and Buy on spot near local High’s as Fundamentals are too Bullish for Gold (adding enormous Buying pressure on the Price-action) and I could potentially sit out new Buying sequence, however everything worked nicely last time. As Gold got rejected strongly near #2,000’s, means that I should treat that as a Top (prior to my last week analysis) however if #2,000.80 gets invalidated and market closes above, #2,027.80 and #2,052.80 are levels to monitor and pursue. I will continue to get Buying signals on any level above the pivot point and current Price-action, as I will not consider any Selling aswell, even though Bond Yields struggling to make Bullish comeback. I am having strong reservations regarding a re-Buy again since Gold is showing Short-term Sellers presence on the market which can drag the Price-action towards #1,960.80 Support, so still no Buying opportunities / patterns to Trade on. Most optimal Buying entry would be near #1,952.80 - #1,960.80.


My position: I am still not confident in Buying Gold as Fundamental pressure eases and Sellers are now in control on the Short-term (even though Daily chart remains Bullish) and it is too much risk for me to contemplate Buying the market. I will stick to my new #1,952.80 - #1,960.80 re-Buy zone (more precise, Buying near #1,960.80 Support line). #1,952.80 benchmark test-and-break negates Buying potential, at least for Short-term.