XAUUSD: Further downside pressure before golden jump ?
Good morning Traders and welcome back to my page on this NY session!
Gold is currently trading at 1525.00 against the US Dollar during today's NY session.
On the monthly timeframe we have had an engulfing bullish candlestick printed above our monthly support 1380.00 which shows overall healthy bullish pressure for Gold.
Weekly timeframe shows true signs of an uptrend building on higher highs upon higher lows. A level we haven’t been since 2013.
On the daily timeframe I will wait for a closure rejecting 1520.00 to take this pair to 1550.00 otherwise if it breaks I see this pair going down to 1495.00.
Fundamentally, Tariffs have come into place starting yesterday with the second half being enacted in December which could see the precious metal cooling off - keep a lookout!
As always thank you for taking the time to visit my page and reading my outlook, if you would like more updates as well as an opportunity to network then feel free to join my FREE telegram chat where I am to post daily: t.me/joinchat/JJgGOE5NrRpipEB6rgInrQ
Gold is currently trading at 1525.00 against the US Dollar during today's NY session.
On the monthly timeframe we have had an engulfing bullish candlestick printed above our monthly support 1380.00 which shows overall healthy bullish pressure for Gold.
Weekly timeframe shows true signs of an uptrend building on higher highs upon higher lows. A level we haven’t been since 2013.
On the daily timeframe I will wait for a closure rejecting 1520.00 to take this pair to 1550.00 otherwise if it breaks I see this pair going down to 1495.00.
Fundamentally, Tariffs have come into place starting yesterday with the second half being enacted in December which could see the precious metal cooling off - keep a lookout!
As always thank you for taking the time to visit my page and reading my outlook, if you would like more updates as well as an opportunity to network then feel free to join my FREE telegram chat where I am to post daily: t.me/joinchat/JJgGOE5NrRpipEB6rgInrQ