2022 November Week 3 *XAUUSD Backtest Report
Backtest Report is as follows:
# of valid entries: 2
- Wednesday: R/R 5.86:1
- Friday: R/R 2.88:1
Overview of momentum for the week:
Beginning of this week we weren't really seeing anything of significance, with Monday and Tuesday relatively consolidating. Up until Wednesday is when we saw a clear break from that consolidating structure, with Fed Chair Powell expecting a more DOVISH response for December, thus lowering interest rate increases in the near future. That affected the strength of the US dollar (DXY) to drop dramatically, ultimately increasing Gold strength in comparison to the dollar. Which you can see here on Wednesday where Gold dramatically increased to around price 1800.00 by Thursday morning. With all that bullish momentum this week, I could see that Gold may very well keep pushing towards the BULLISH direction.
# of valid entries: 2
- Wednesday: R/R 5.86:1
- Friday: R/R 2.88:1
Overview of momentum for the week:
Beginning of this week we weren't really seeing anything of significance, with Monday and Tuesday relatively consolidating. Up until Wednesday is when we saw a clear break from that consolidating structure, with Fed Chair Powell expecting a more DOVISH response for December, thus lowering interest rate increases in the near future. That affected the strength of the US dollar (DXY) to drop dramatically, ultimately increasing Gold strength in comparison to the dollar. Which you can see here on Wednesday where Gold dramatically increased to around price 1800.00 by Thursday morning. With all that bullish momentum this week, I could see that Gold may very well keep pushing towards the BULLISH direction.
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