Gold - Setting the Stage
Updated
Following the rally in late 2017 Gold has been in a sideways consolidation between 1300 on the downside and 1360 on the upside for the last four months.
Weekly Bollinger Bands coming together suggesting a more dynamic move is in the future.
I view this consolidation after last years rally as a bullish continuation pattern.
RSI is getting oversold and Gold is closing in on the low end of the range again. DXY, EUR/USD and USD/JPY all ready for pullbacks at least, if not reversals.
I have doubts that gold will go much below 1300 if anything it would cleanse sentiment completely and set the stage for the next rally.
Tomorrow is FED and as is so often i think a stop run below the march lows is likely. Imo this is the last decline before Gold breaks out to the upside, i think the final low is very close.
Weekly Bollinger Bands coming together suggesting a more dynamic move is in the future.
I view this consolidation after last years rally as a bullish continuation pattern.
RSI is getting oversold and Gold is closing in on the low end of the range again. DXY, EUR/USD and USD/JPY all ready for pullbacks at least, if not reversals.
I have doubts that gold will go much below 1300 if anything it would cleanse sentiment completely and set the stage for the next rally.
Tomorrow is FED and as is so often i think a stop run below the march lows is likely. Imo this is the last decline before Gold breaks out to the upside, i think the final low is very close.
Note
Buying first position here @1303Note
Note
Breaking the flag to the upside and a close above 10day ema @1317 should put the doubts of another lower low to rest. Waiting for the turn in currencies.
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