Gold on extended upswing fuelled by NFP

Technical analysis: Price-action was on the way and very close to erasing all the losses of current #1M (Monthly) candle (merely # +6.53%) with aggressively Bullish stance, in addition candle sequence which indicates uptrend continuation. This is an important step throughout standard Medium-term Buying processes on financial assets after sharp uptrends (remember that Gold was and is currently on non-stop rise on #4 consecutive weeks). Traders are still almost halfway through the Month though so no safe conclusions can be made regarding potential reversal, especially since the Price-action invalidated Daily chart’s Ascending Channel with an estimated Higher High’s Upper zone test and break-out to the upside even more. My Medium-term estimate is now aligned with the Hourly 4 chart’s borders. As I mentioned on my remarks, Hourly 4 chart was putting all obstacles above #3,552.80 psychological benchmark as there are many Moving Averages seen Trading and to get invalidated in order for Weekly chart (#1W) to turn Bearish again. I am looking at #3,652.80 benchmark test initially.


My position: Of course I will continue Buying every Low's on Gold and as Gold became very sensitive to every Bullish Fundamental development, #3,600.80 benchmark was tested on NFP aftermath. If NFP delivered upside surprise, Gold would not decline as much as it was soaring on different scenario so remember, always give advantage of Gold soaring aggressively on each Fundamental going in Buyers favor rather than Seller one.