Gold Buying every dip as expected

Technical analysis: The #3,022.80 - #3,027.80 Support zone was finally crossed (on aggressive manner, healthy break-out to the downside) as Gold was Technically ready / equipped to deliver more serious correction as Short and Medium-term Buyers took their Profit which resulted as an #3,000.80 psychological benchmark test and almost #2,998.80 contact point extension. Weekly (#1W) candle (# +1.20%) remains on gains with current session on the second strongest Selling Volume of the Year. Despite the Higher High’s local Low’s test, it is clear that on local Low’s / Bottom tests and eventual rejections (Gold tends to reverse aggressively each time Bottom is Priced in), Gold undergoes a consolidation phase with equal demand and supply, which according to previous models is a Support / Bottom preparation for the next Higher High’s Upper zone extension. This will be essentially a Higher High’s extension on newly formed Hourly 1 chart’s Ascending Channel validating my expectation of new Bullish Trading range on Low pace for the next #1 - #3 sessions. Take advantage of the Higher High’s local Low’s given within this Bullish cycle and Profit on Buying orders using wide time-frames for reduced Risk.


My position: I do expect Gold to continue Buying every dip as I will use my re-Buy points for Intra-day Profit.