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if gold stays above 1344 price could rally 1380 heres whyGold rallied to its highest level since August 2016 of 1368. The dollar (Gold inverse )rebounded in response to commentary from President Trump.Comments from Donald Trump helped turn the dollar around and encouraged investors to sell gold saying he wanted a “strong dollar”, contradicting earlier comments made by Treasury Secretary Steven Mnuchin. That got bulls scared and force them to pull out of their position. The trend would have continued going up with a very slight pull back if trump had not made any comments that day contradicting what Steven said. ( Yes blame it on a trump lol) "Gold is trading higher early Friday as dollar weakness is continuing to support prices, helping to hold them steady despite Trump’s comments. While catching investors off-guard with his comments, Trump’s support for the dollar may not have been strong enough to reverse gold’s uptrend" Gold is now trading in between 2 main key levels 1366 and 1344. if 1366 is broken, that will send go to 1380-1385 levels which is the next resistance zone. as you can also see the current bearish candle now did not open lower it opened slightly in the middle near the high of the the pervious candle before. so this may be a fake out and bulls may take the Win if gold is broken on 1344 then gold should touch around 1324 which is the last support zone. Price is also still very bullish on the weekly trend. I'm staying in buys all day Sincerely MR XAU
FX_IDC:XAUUSD
by MR_XAU
1
USDJPY - Trendline breakI know many of you are watching UJ when trading gold... There's a very important pattern developing on the UJ UJ chart. After a 7 months consolidation ( downtrend in a down channel) we had a character change. Price didn't turn down immediately in a V shaped form as did before. It sticked to the trendline an started to crawl along it. I think the Bank Of Japan started its preparation for the stock bubble pop. When the next recession starts they will need the Yen to be as weak as possible otherwise they will have a serious problem with their export... So the powers will need this pattern to break to the upside and no more tag will be of the lower trendline of the channel. So after the trendline crawling price dropped but as I mentioned in the previous UJ post it doesn't look good to me. That's why I exited the shorts with small profit. 2 days ago we broke out of the flag . Yesterday it seemed to reverse but as of today it seems we are really heading higher and once it breaks from the channel the bounce will be big. I tried to set some target price from the pattern. I know it seems a bit irrealistic now but on the bigger picture it is just the back test of the previous high. The flag is huge. Think. Big moves are not coming when retail expects it. Big moves are coming when the small guys are not in the trade.
Long
by chartwatchers
31