Gold: tough resistance at 1230.
Updated
Despite the piercing of the lower bound of the Kumo on the weekly chart with a bullish engulfing candle, Chikou Span is still way below historic candles and we have a bearish twist ahead.
Here on the daily price action is still within the Kumo supposedly at equilibrium. Now that FOMC and NFP are behind us will the Trump-o-nomics sustain a Kumo breakout for Gold? Because it looks like the dollar weakness could possibly end soon and could therefore not bring additional support to a Gold uptrend. DXY seems well supported by the weekly Kijun at 98.95 as shown below.
Coming back on XAUUSD daily chart 1230 is shared by upper Kumo limit and 50% Fibonacci retracement of downtrend from 119 (Nov09) spike to Dec15. In addition recent candles are quite far from Kijun and price action could lack stamina to break this double resistance.
Here on the daily price action is still within the Kumo supposedly at equilibrium. Now that FOMC and NFP are behind us will the Trump-o-nomics sustain a Kumo breakout for Gold? Because it looks like the dollar weakness could possibly end soon and could therefore not bring additional support to a Gold uptrend. DXY seems well supported by the weekly Kijun at 98.95 as shown below.
Coming back on XAUUSD daily chart 1230 is shared by upper Kumo limit and 50% Fibonacci retracement of downtrend from 119 (Nov09) spike to Dec15. In addition recent candles are quite far from Kijun and price action could lack stamina to break this double resistance.
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DXY weekly chart:tradingview.com/chart/PKa7fKDy/
Comment
Sorry, here is the right DXY chart:
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