Why I am getting very Cautious trading Long - Gold / Precious M
Updated
https://www.tradingview.com/x/JZlpbHqR/
USDX has really fallen off a cliff this week & this lowering of the USD has been supportive of Gold & all at a time when Gold has been bided up a bit too much & making the Gold price overbought on the Stochastic's higher-time-frames.
With USDX and the Gold-price having an inverse relationship, my chart shows just how much the USD has been oversold this week on the important 4HR, Daily & Weekly Stochastics.
A strong cross-up on the 20 level could signal a rally in USDX soon, I tip it will rally next week if not before finding strength during late Thursday and Friday trading.
There is a tonne of economic news coming out today Thursday morning, will it be a mixed bag and what impact will have on the Gold price and USDX... We will know later.
USDX has really fallen off a cliff this week & this lowering of the USD has been supportive of Gold & all at a time when Gold has been bided up a bit too much & making the Gold price overbought on the Stochastic's higher-time-frames.
With USDX and the Gold-price having an inverse relationship, my chart shows just how much the USD has been oversold this week on the important 4HR, Daily & Weekly Stochastics.
A strong cross-up on the 20 level could signal a rally in USDX soon, I tip it will rally next week if not before finding strength during late Thursday and Friday trading.
There is a tonne of economic news coming out today Thursday morning, will it be a mixed bag and what impact will have on the Gold price and USDX... We will know later.
Note
Economic Calendar:
tradingview.com/economic-calendar/?timestamp=1724040000000
Trade active
Long Gold for the past 8 Hours: From Thursday Oceania Session.
Entry of Long Gold was around 2500 Level:
A false break occurred where Price temporarily broke 2500 again.
We still have a kind of valid Cup and Handle to break out of on 3M
I see where price a few moments ago broke the upside of this massive TRIANGLE.
Trade active
LONG XAU USD
2510.55 is the Break-level from that old Cup trade from earlier. It's sill there on the 3m timeframe, although a bit old now. But the break of cup remain a bullish area.
Order cancelled
Ahead of important and lots of economic date.
USDX looks set to rally. Impacting Gold. Possible sell today in gold depending on economic news. Price is very weak right now. Long term Stochastics pointing down bearishly,.
Order cancelled
Stochastics Gold:
Order cancelled
Jobless claim was a break even. More Data coming out before direction is known. But things right now bearish.Order cancelled
The Daily Stochastic keeps pushing down on the 80 zone & this is keeping the Gold price bearish.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.