Gold is gaining value as the Dollar falls
Gold is gaining value as the Dollar falls
Even though the beginning of the last trading week was bearish for Gold, with Price Action testing, rejecting and bouncing of the 1710-1713 support, bullish signs on short-term were visible by the mid and till the end of the last week, as the both Dollar and US 10 Year Treasury Yields started losing it's value, adding strong buying pressure on Gold.
Gold eventually tested and breached the 1735-1738 resistance that I mentioned during my last week, and gained momentum towards the 1750 psychological barrier, with Gold Price finally closing the last week session's below the 1767-1770, 05-06 July support/resistance.
Gold is currently trading with Three White Soldiers candlestick pattern on daily chart, which suggest us bulls have completely taken over and that several following trading session could once again be bullish for Gold. Regarding Hourly 4 chart, Gold is trading within bullish rectangle (as shown on my chart) and as long it holds, Price Action should gain several more Dollars, and eventually test the 1767-1770 resistance.
Considering the Economic Calendar for this week, I see no big interesting events that could possibly make an impact on Gold, as the ISM-Non manufacturing PMI and NFP had no big influence on both Gold and it's correlating assets in last four months.
It is also worth mentioning that on several occasions throughout last year, where I am particularly thinking of August 13th, September 22nd and October 13th, when the Gold Price managed to breach the 1767-1770 resistance it would always test the strong 1787 resistance zone.
Considering all I have written, I will engage no risky positions, as I will await for the 1767-1770 resistance test and possible breakthrough, where I will carefully engage buying order, pursuing the 1787 resistance, but only if both counter-correlating assets provide me with confirmation.
Even though the beginning of the last trading week was bearish for Gold, with Price Action testing, rejecting and bouncing of the 1710-1713 support, bullish signs on short-term were visible by the mid and till the end of the last week, as the both Dollar and US 10 Year Treasury Yields started losing it's value, adding strong buying pressure on Gold.
Gold eventually tested and breached the 1735-1738 resistance that I mentioned during my last week, and gained momentum towards the 1750 psychological barrier, with Gold Price finally closing the last week session's below the 1767-1770, 05-06 July support/resistance.
Gold is currently trading with Three White Soldiers candlestick pattern on daily chart, which suggest us bulls have completely taken over and that several following trading session could once again be bullish for Gold. Regarding Hourly 4 chart, Gold is trading within bullish rectangle (as shown on my chart) and as long it holds, Price Action should gain several more Dollars, and eventually test the 1767-1770 resistance.
Considering the Economic Calendar for this week, I see no big interesting events that could possibly make an impact on Gold, as the ISM-Non manufacturing PMI and NFP had no big influence on both Gold and it's correlating assets in last four months.
It is also worth mentioning that on several occasions throughout last year, where I am particularly thinking of August 13th, September 22nd and October 13th, when the Gold Price managed to breach the 1767-1770 resistance it would always test the strong 1787 resistance zone.
Considering all I have written, I will engage no risky positions, as I will await for the 1767-1770 resistance test and possible breakthrough, where I will carefully engage buying order, pursuing the 1787 resistance, but only if both counter-correlating assets provide me with confirmation.
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