We can see a descending channel in play, which can break up anytime and hence use of stop at $1656 is important. We are forming lower highs , i see this pattern to continue max up to $1612. This is possibly going down as between DXY and GOLD being option for safe haven, dollar can still win as long as rate cuts are not called for
Regardless i still thing GOLD is in uptrend and would come back stronger but at this point it need to shake off weak hands and go for some extensive range bound moves, i would keep on covering with longs as well if we get sharp drops to $1590 area
Regardless i still thing GOLD is in uptrend and would come back stronger but at this point it need to shake off weak hands and go for some extensive range bound moves, i would keep on covering with longs as well if we get sharp drops to $1590 area
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.