Gold is Buying every dip as expected

As discussed throughout my yesterday's session commentary: My position: Keep Buying every dip on Gold.


Fundamental analysis: Gold eventually honored the Fundamental side (Inflation cooling and Tariffs outcome) and is Trading on a Bullish pattern on the healthy Ascending Channel. Now this is largely uncharted territory on the Hourly 4 chart. Typically the Ascending Channel is a pattern of trend continuation, marking a Bottom and turning Bullish on Short-term even though that Weekly chart Resistance zone should get invalidated to the upside. However the larger time-frame of Weekly chart (#1W) remains Bullish, so again I need to pay attention of potential reversal points and Selling the Top as High (and safely) as I can. Gold was Technically Bearish but Fundamental side prevailed and the result is those Bullish candles which are visible on the charts. Strong Resistance is seen at #2,952.80 - #2,957.80 while first Support is priced at #2,942.80, which means as long as Support is intact, there are more probabilities for the uptrend continuation. It is important to note that below #2,942.80, there is only #2,927.80 - #2,932.80 to hold Gold from testing #2,910's but again I need to keep in mind that on these Fundamentally driven sessions, Gold can go as far as pressure pushes it so I will not attempt to Sell current Buying bias, only if strong Support gets invalidated.


My position: Keep in mind that Gold is on undisputed Bullish trend and use every opportunity to re-Buy Gold. If #2,957.80 gets invalidated, #3,000.80 benchmark is next extension.