Showing support levels and retracement at .7 from all time high but falling along the trend line. Watch for breakout before jump on board. Obvious levels to watch at every psychological 1000 so next low would be 5000. Next daily support at 3000 so watch your toes. If DXY falls will gold begin to look more attractive? Or will DXY continue it's bounce, send gold ( and possibly cryptos ) to lower values yet? Gold could fall as low as 900 and money pouring into markets I doubt will send the public running to cryptos. They need a healthy amount of distrust in markets yet high trust in safety vehicles.
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We're out here. but back test could be lower. Look for support at the 5000, 5200 zone.
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Daily shows inverted head and shoulders with a possible target of around 8000:
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6000 level is proving to be a very strong support. Keep in mind, the more horizontal the support, the stronger it tends to be.
Trade closed: target reached:
IHS target reached, closed .3 and will draw new channel and add at bottom unless it breaks.
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RSI topping, could see a pullback, so will reload at possible support.
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Nearing our .62 6820 target...
