Golds bullish continuation
Weekly closed with a red candle stick showing possible signs of bearish. This week is the last week for the month 1st half of the year and 2nd quarter. Bringing with it big news on Tuesday and friday gpd growth rate and pce. This news will give us a clear break out towards which direction gold will move. 4 hr time frame we can see a triangle pattern forming. We are at the base of this triangle Monday we will be looking to see of a continuation back to the up side or a break out of this pattern. Looking at fundermentals. Gold still has a bullish out look:
• China's Influence:
Yuan dipped to a seven-month low against the dollar.
Weak Chinese currency and property sector concerns have increased Chinese investments in gold.
- global elections uncertainties and politics also support gold rising.
4hr time frame:
Drawing a Fibonacci from golds last high to low. We can see Friday hit daily resistance level matched with fib 0.5 level and trend line. Taking most of the liquidity from last fridays cpi results. Before falling to the bottom trend line before a short pull up. Currently we are sitting just under the daily resistance. Monday we will be looking to see if we can break back thur this zone having a retracement back up after the 400 pip drop. Look for support to be created again above 2327. Before continuation to the up side, but remember to watch the triangle. Or will we break the bottom trend to a continuation down. The 1st stop and aoi if this happens is 2310 area. Next Will be 2300 down to 2287 the weekly demand zone and resistance.
• China's Influence:
Yuan dipped to a seven-month low against the dollar.
Weak Chinese currency and property sector concerns have increased Chinese investments in gold.
- global elections uncertainties and politics also support gold rising.
4hr time frame:
Drawing a Fibonacci from golds last high to low. We can see Friday hit daily resistance level matched with fib 0.5 level and trend line. Taking most of the liquidity from last fridays cpi results. Before falling to the bottom trend line before a short pull up. Currently we are sitting just under the daily resistance. Monday we will be looking to see if we can break back thur this zone having a retracement back up after the 400 pip drop. Look for support to be created again above 2327. Before continuation to the up side, but remember to watch the triangle. Or will we break the bottom trend to a continuation down. The 1st stop and aoi if this happens is 2310 area. Next Will be 2300 down to 2287 the weekly demand zone and resistance.
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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.