Engaging my Buying order / Gold still in demand

Gold's general commentary: Gold capitalized throughout Asian session candlestick pattern on Daily chart as miraculous recovery on DX throughout yesterday's session (# +0.24% notably) was still adding heavy Selling pressure on Gold regarding Hourly scale. DX was rising aswell on a firm green engulfing candle, on a Bullish Gap fill where most likely U.S. Dollar is benefiting from Russian Ruble on record Low’s. Bond Yields were Trading on Bearish Gap fill and was Trading near Support zone, however every Gap needs to be closed but Bond Yields are now #2nd correlation on importance list so I will pay less attention to it for the moment. As discussed before, this is the Natural consolidation process after an Overbought run, limited to #1,890.80 configuration (strong Support), my level which Price-action confirmed throughout yesterday's session on a fine rejection near it. The slightest pullback on DX however should push Gold inside the #1,920’s Zone (strongly rejecting any upside attempt lately) which may arise Buyers which can push the Price-action towards #1,952.80 barrier once again. Keep in mind that only a break above #1,914.80 - #1,917.80 constitutes a Bullish continuation sign for the Short-term).


Fundamental analysis: In order to harmonize possible Overbought levels on Gold, #1 - #2 sessions may be required based on the previous #3 Higher High’s Upper zone pullbacks of a (# -1.00%) magnitude. Notice how the peace pre-meeting speculation since the start of the week has been pricing the unfavourable Gold prospect with a Buy-off on DX, which was Sold early-on throughout yesterday's after the very encouraging meeting peace-wise. Typical institutional Trading approach ahead of big economic event. As for Gold, Hourly’s are Bearish again but needs to break Support to confirm Bearish continuation (however Selling on such Bullish bias is not advisable). The Weekly candle is at (# +1.08%) and will most likely close the first week of the Month in Bullish fashion as I remain Bullish on Short-term calling for #1,952.80 and Bearish on Medium-term, calling for #150 point decline in continuation.


Technical analysis: No changes so far after almost flat E.U. session opening. I can easily detect Hourly 4 chart how the current slow rising consolidation is repeating the pattern of November #26 - December #2 fractal. DX should, as expected lose with every Hourly candle (and that’s why you see Buying pressure on Gold) and Bond Yields (# -5.76%) were on parabolic downtrend testing the Daily chart’s Support zone, progressively adding Buying pressure on Gold visible on Hourly 1 chart. Resistance levels are close but of course it all really depends on how market will digest the meeting aftermath of Russia and Ukraine government officials. As discussed, the statistics on how such sessions affect Gold are Bullish. One of the most Volatile Trading sessions throughout yesterday's session according to the Historical Data with a #35.70 point differential on Daily chart (reasoning for my sidelines decision), also seen by the wide margin (Oversold) on mostly all Hourly charts. Gold entered an Bullish period and should keep soaring regardless of the outcome of the meeting. Technical analysis cannot be immediately effective on such High volatility levels so, as I said, I will patiently wait for the next Daily candle.


My position: I have engaged my Buying order with #1,914.80 as an entry point, Targeting #1,935.80 extension first, and if broken, final Higher High's peak for current cycle of #1,952.80. I will alter the order in first couple of Hours if Price-action rejects the #1,920.80 extension on multiple occasions.