GOLD READY TO BOOM?
Gold has rejected 1796 within last week and it seems it was the turning point for Gold to start a strong bullish trend.
Is it going to break all time Highs?
Technically Gold is testing important resistance at 1852-1856 atm. If it breaks this resistance today, we can expect gold to test 1870 and then extend its move to 1885 respectively. On the other hand, if gold reject 1856, I am expecting gold to rebound to 1830 and then to 1810 where it should adopt the consolidation for a while before making any major breakout.
Another thing that is driving gold atm is Dollar Index. DX is testing an important support currently after a few back to back bearish candles on H1 timeframe. If it rejects the support and continue its bullish trend back, there are more chances that gold will be bearish in coming US sessions.
I am more biased on bearish move but considering the other possibility aswel, I am using a strict stop loss for my trade.
I'll be sharing my trade idea on my channel.
Is it going to break all time Highs?
Technically Gold is testing important resistance at 1852-1856 atm. If it breaks this resistance today, we can expect gold to test 1870 and then extend its move to 1885 respectively. On the other hand, if gold reject 1856, I am expecting gold to rebound to 1830 and then to 1810 where it should adopt the consolidation for a while before making any major breakout.
Another thing that is driving gold atm is Dollar Index. DX is testing an important support currently after a few back to back bearish candles on H1 timeframe. If it rejects the support and continue its bullish trend back, there are more chances that gold will be bearish in coming US sessions.
I am more biased on bearish move but considering the other possibility aswel, I am using a strict stop loss for my trade.
I'll be sharing my trade idea on my channel.
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