The bad news is Gold could not stayed strong again DXY rally. The safe heaven & hedge against recession and economic slow down proved many school of thoughts wrong !
The big picture tells that the downtrend end is not near. but what you need to know is
Here,
Gold is in a continues downtrend, especially against Dollar. on Daily in a long series of downtrend ( LH & LL). and every time rejection from key resistance.
Very recently Gold on daily and hourly showed some signs of relief but this could be a very brief rally. no clear sign of reversal unless Gold print HH & HL on Daily and DXY cools off!
the major 2 key areas. level $1600 which is weekly support, we may see a good bounce at this level because it is a solid weekly support. 2nd key area is $1565 .
The significance of $1565 is huge according to me because here we have monthly support and i legit believe Gold will hold this level. It is the pivot point for me we either bounce and start a good uptrend here, or break into new local lows.
The big picture tells that the downtrend end is not near. but what you need to know is
Here,
Gold is in a continues downtrend, especially against Dollar. on Daily in a long series of downtrend ( LH & LL). and every time rejection from key resistance.
Very recently Gold on daily and hourly showed some signs of relief but this could be a very brief rally. no clear sign of reversal unless Gold print HH & HL on Daily and DXY cools off!
the major 2 key areas. level $1600 which is weekly support, we may see a good bounce at this level because it is a solid weekly support. 2nd key area is $1565 .
The significance of $1565 is huge according to me because here we have monthly support and i legit believe Gold will hold this level. It is the pivot point for me we either bounce and start a good uptrend here, or break into new local lows.