Gold outlook with DXY confirmation
Updated
Gold took liquidity resting at 1913 got rejected in the demand zone at 1910 where Price got a big momentum to the upside and this has given the impression that a reversal is inbound for Gold
Using the Fib retracement tool we can see that GOLD got rejected at the 78.6% line which is a strong reversal level for Price when starting out a new wave
DXY is also showing signs of weakness and if the daily candle for DXY closes as a bearish candle, then our bullish move on GOLD is confirmed
This is not an advise to buy yet but an impression as we are waiting on DXY if it would close on today's candle bearish.
Using the Fib retracement tool we can see that GOLD got rejected at the 78.6% line which is a strong reversal level for Price when starting out a new wave
DXY is also showing signs of weakness and if the daily candle for DXY closes as a bearish candle, then our bullish move on GOLD is confirmed
This is not an advise to buy yet but an impression as we are waiting on DXY if it would close on today's candle bearish.
Note
DXY closed as a bullish candle so setup not activatedOrder cancelled
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