After a great dollar rally, gold confirmed a trend line yesterday. After slight pullback it is testing the level again. A break can trigger a short position with a good Risk-Reward ratio.
So far the dollar strength seems to continue and unless political tension escalate, like Iran/China trade/North Korea and so on, selling pressure on gold should push the commodity through the trend line.
We are also still in risk-on mood, with risk currencies like AUD and NZD inching higher.
Happy Trading!
So far the dollar strength seems to continue and unless political tension escalate, like Iran/China trade/North Korea and so on, selling pressure on gold should push the commodity through the trend line.
We are also still in risk-on mood, with risk currencies like AUD and NZD inching higher.
Happy Trading!
Note
Trend line broken, pending order triggered. Continued dollar strength on good news from China trade talks over the weekend.
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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.
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.