Gold failed to deliver values above #3,400.80 benchmark

Technical analysis: Double rejection on #3,402.80 - #3,405.80 (former Medium-term Support belt now turned in Short-term Resistance) has proved to be the upside barrier for Gold and the Bull cycle of #Q2 now continues. Daily chart should Technically deliver #3,352.80 benchmark Support test, as the Descending Channel has aggressively invalidated almost all former local Lower levels. The expected #3,352.80 psychological benchmark test came earlier so the Price-action should now either dip straight to #3,352.80 benchmark or gradually rise once again within Neutral Rectangle before soaring / rising again. Regardless of the outcome, as I mentioned on my remarks on the Medium to Long-term the Ascending Channel is very strong and decisive to engage multi-Month Bullish cycle on Gold ahead. At this pace the maximum possible upside extension is #3,377.80 and then wall of Resistance zones towards #3,400.80 Weekly High’s. This is undisputed Bullish Long-term trend and total Buying domination. Underlying trend rains fully Bullish as well and that explains why Gold remains heavily pressured on Intra-day basis only.


My position: I am expecting Gold to either test #3,352.80 benchmark or even #3,342.80 and then relief rally towards #3,362.80 - #3,365.80 Resistance belt or above. I will continue Buying the dips on Gold.