Hi Peeps,
Tough week for the US dollar . We can see an impulsive rally for Gold and it has even broken the record high of 1981 zone a few days back. Given the analysis, I do see an ascending triangle formed on the hourly timeframe. However, before the move upwards to break the resistance zone of 1981, the price should find back support at trend line indicated. This support should boost price to break the resistance area of 1981 which could bring gold to its higher high at 2000 and beyond. I strongly see a pullback before price heading higher as bulls would like price to retreat given its expensed rally currently.
In turn, there are couple of fundamental factors for the US dollar coming up this week so if we see positivity in that, that could prevent bull investors on taking on additional risks to creating newer highs beyond $2000 given the volatility of the situation. Do always be vary of candle closes before making a decision :)
Do provide me your feedback and support if you liked this idea!
Cheers
Pipspunk
Tough week for the US dollar . We can see an impulsive rally for Gold and it has even broken the record high of 1981 zone a few days back. Given the analysis, I do see an ascending triangle formed on the hourly timeframe. However, before the move upwards to break the resistance zone of 1981, the price should find back support at trend line indicated. This support should boost price to break the resistance area of 1981 which could bring gold to its higher high at 2000 and beyond. I strongly see a pullback before price heading higher as bulls would like price to retreat given its expensed rally currently.
In turn, there are couple of fundamental factors for the US dollar coming up this week so if we see positivity in that, that could prevent bull investors on taking on additional risks to creating newer highs beyond $2000 given the volatility of the situation. Do always be vary of candle closes before making a decision :)
Do provide me your feedback and support if you liked this idea!
Cheers
Pipspunk