Gold is very Bullish on the Medium-term

Technical analysis: Despite holding the #1,844.80 - #1,850.80 Support zone (December #9 - #14 sequence) and rebounding, Gold is seen on the current Hourly 4 candle, Trading on strong Buying pressure again. If #1,877.80 and #1,892.80 Resistances can't contain current variance, it is possible to see Xau-Usd Spot prices test it’s Daily chart Resistance, which is currently Trading at #1,927.80 (but testing can be made closer to #1,917.80 - #1,927.70 Top). No matter the perspective, it is the Stimulus news that is making capital that was 'parked' on the riskier assets, now flee to Gold as an well known safe-haven asset. Since February #2019 though, every Daily chart Channel Down has held the Support that was made when then MACD had already rolled over, and then initiated a very aggressive rally (only exception was in March). This actually means that on a #1 Month horizon, Gold is close to the most optimal Buy entry for a #1,927.80 test. My estimations show that #1,927.80 will be tested within first #2 Weeks of January, while I expect #1,967.80 Higher High zone on Weekly chart (#1W) test throughout January-February fractal.


General overview: Excellent sideways Price-action extension on the Hourly 4 chart as the Rectangle pattern is providing the safest framework for dip Buying strategy. The Hourly 4 #MA50 has been rejected twice already, which gives a updated Buying range of #1,867.80 - #1,902.80 with a potential extension towards #1,927.80. I give less probabilities to the Bearish reversal as Resistance was broken on multiple occasions. If however #1,844.80 Support gets invalidated, Gold is turning from Bullish to Bearish regarding Short-term.


My position: As Gold is Trading on undisputed Buying trend, I am ready with my Buy order engaged at #1,872.80 to purse #1,892.80 and #1,902.80 in extension. I am willing to keep my position/outlook even though that New Year break is approaching.