GOLD → Gold is waiting for a reaction from DXY. 1914 or 1965?
Updated
Gold is testing sideways range support and several scenarios could develop from here. You have to be prepared for each one. At the same time, the dollar has stopped and is forming a triangle. A decline in the dollar will strengthen our gold. What to expect from the price?
In that case, the chance of further declines will increase. But we have to understand that the gold is still inside the range. Intra-band trading strategy implies buying from support and selling from resistance. Watch the price reaction to support.
The moving averages indicate that a consolidation is forming. If there is not a strong pullback upwards, in the medium term we should expect a fall in price along the trend
Strong support: 1939, 1914.
Strong resistance: 1954, 1965
If the dollar goes down and forms a correction, gold will strengthen to 1965 and possibly to 1984, but if the dollar continues to rise after exiting the triangle, gold will start another decline to 1914
Regards R. Linda!
In that case, the chance of further declines will increase. But we have to understand that the gold is still inside the range. Intra-band trading strategy implies buying from support and selling from resistance. Watch the price reaction to support.
The moving averages indicate that a consolidation is forming. If there is not a strong pullback upwards, in the medium term we should expect a fall in price along the trend
Strong support: 1939, 1914.
Strong resistance: 1954, 1965
If the dollar goes down and forms a correction, gold will strengthen to 1965 and possibly to 1984, but if the dollar continues to rise after exiting the triangle, gold will start another decline to 1914
Regards R. Linda!
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You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
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