Gold Weekly Outlook

Instructions on the map.

Safe Trading :o|

Note

The inner TL is broken and retested on smaller frames. Expecting price to reach blue horizontal support (or bottom of weekly range).

Note

4hr TF. 1231s have strong support. Weekly MA200 at 1236s.

Note

Inner TL broken, tested and finally reach target of 1210s/1214s. Added some small longs at this level trying to catch a bounce up to DMA20.

DXY pennant is working as planned so far and it too reached our resistance. Probability of breaking the pennant is high. Risk maintained.

Note

So far so good...

Note

DXY is breaking out of the rising wedge (possibly due to Turkish Headlines). Weekly close in both DXY and Gold will be important. Gold weekly being holding above 1208/06 support. Longs are possible for next couple of weeks (till closer to September hike date). See Gold Daily and Weekly chart below (updated).

Note

Confirmation for XAU bull? Correlation not very strong these days...however, we cannot ignore UJ - keep an eye..

eskgroup

Related publications

Weekly Outlook #DXY

by eskgroup

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.