Gold might consolidate for few sessions / Neutral zone

Gold's general commentary: The former Support of #1,735.80 (Xau-Usd on my comments as always on my focus) was turned into a Resistance in a symmetrical manner as it has done throughout June-July / was broken, but as expected Gold reversed from upper level and Gold is Trading around #1,735.80 again, previously explained in my yesterday's session commentary. Looking at the wider time-frame of Daily chart Rectangle and the Higher Low trendline of the broken Hourly 1 Channel Up, I am expecting a decline around #1,700.80, but not on current market situation. After that it is anybody's guess but Technically, Gold should see a similar pullback towards #1,655.80, also even lower since #2021 is projected to be Bull Year on Bond Yields. Short-term Traders should Trade with caution as Volatility could arise, as Gold is showing mixed signals regarding Short-term. However, no changes on the Daily perspective as the Price-action remains Neutral above the Hourly 1 Support and below the Resistance. As the market is waiting for a catalyst, I see no alternative under such a Neutral setting but to remain on sidelines until the opportunity arise. There was a delicate balance of Gold's Price-action with the Volatility on the U.S. Bond Yields and DX (DX is near #2 Week Support and Bond notes struggling to make a Bullish comeback). This is what is keeping Gold Neutral but on Positive gradient relative to last Week. I am Selling if #1,727.80 (Targeting #1,700.80) breaks, and on the other hand, will Buy only if #1,750.80 (Targeting #1,764.80) breaks.


Technical analysis: Not the best responses of Gold regarding Bullish accumulation (Xau-Usd in my focus) as it was on # +15 point Daily Price-action throughout yesterday's session, answer to an last week’s decline and eminent recovery continuation. The U.S. session opening delivered Higher frequency and Bull impulse, as the Price-action was gradually pulling back on a steady rate towards the #1,735.80 Support. Configuration will get Buying sentiment if Resistance zone breaks, as the level has been untouched since January #8 configuration where Gold was Trading on Lower Low belt and practically was the Support for the aggressive Selling run. Again, I don’t see current Bullish bias as sustainable and I am not confident in Buying unless #1,750.80 benchmark breaks.