Gold/XAUUSD ~ Blow-off Top Keeps On...Blowing? (2H)
Updated
GOLD chart mapping/analysis.Gold's massive (algo-triggered) blow-off top killed the bullish momentum - pending further selling pressure if DXY/bond yields decide to rally into end of the year..
Trading scenarios into EOY:
- Selling pressure towards 50% Fib initial support zone.
- Bearish EOY capitulation target = Golden Pocket support zone.
- Expect any bullish reversal to be met with sellers, pending underlying relative strength in DXY/bond yields.
- 38.2% Fib / 200SMA confluence zone as potential target for short positioning, TBC.
Note
Gold chart update (Thurs 14/12):- Price action held 50% Fib - ripper bounce post-FOMC to re-test ascending trend-line (green dashed).
- Initial consolidation range = ~2040 psych &/or upper range of parallel channel (light blue) / 38.2% Fib.
- Expect further strength in precious metals if US bond yields &/or DXY extend weakness into EOY.
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