Despite trading sideways since Tuesday's rapid rise, the short-term 4H time-frame remains bullish (RSI # 63.077, MACD # 14.640, ADX # 23.437).
Showcasing that buyers are still dominant on the market as not only Gold broke above the 1D MA100 (1,714.67) yesterday for the first times since May 9th but also a 4H Golden Cross has been formed (MA50 crossed above the MA200).
It is obvious that the market is waiting for the U.S. CPI today to reveal the direction of the next week.
Technically as long as the 4H MA50 supports (1,664.44), we can target the 1,729.50 - 1,735 Resistance Zone.
Only a closing above it can be considered a long-term buy (TP the 1D MA200 #1,803.84), otherwise if the 4H MA50 breaks first, expect a new medium-term test of the 1,620.
That is my trading break-out approach.
Keep also an eye on the US10Y with its 1D MA50 support being at 3.810%, breaking of which would be extremely bullish for Gold and vice versa, as well as the DXY, which is below its own 1D MA50 and is one of the key factors of Gold's late bull run.
Showcasing that buyers are still dominant on the market as not only Gold broke above the 1D MA100 (1,714.67) yesterday for the first times since May 9th but also a 4H Golden Cross has been formed (MA50 crossed above the MA200).
It is obvious that the market is waiting for the U.S. CPI today to reveal the direction of the next week.
Technically as long as the 4H MA50 supports (1,664.44), we can target the 1,729.50 - 1,735 Resistance Zone.
Only a closing above it can be considered a long-term buy (TP the 1D MA200 #1,803.84), otherwise if the 4H MA50 breaks first, expect a new medium-term test of the 1,620.
That is my trading break-out approach.
Keep also an eye on the US10Y with its 1D MA50 support being at 3.810%, breaking of which would be extremely bullish for Gold and vice versa, as well as the DXY, which is below its own 1D MA50 and is one of the key factors of Gold's late bull run.