With a re-test at 1122 Gold may continue its bullish trend. Details at chart...
Trade active:
Gold broke the strong resistance at 1220.12 but We saw a pullback as correlation with DXY is very high. As %57.6 of the DXY index is EUR, Gold is moving with the EUR direction. Though Friday session it held well despite EUR losing upward momentum.
COT data reveals an increase in smart money net long positions for both EURUSD and Gold. With the unceartinity of politics, Trump effect may in the favour of Gold. While to keep in mind President Trump wants a weaker USD, If he can influence the market, EUR may gain more sending DXY to fresh bottoms.
The 1220.12 resistance is no more valid. We may see an uptrend this week...
COT data reveals an increase in smart money net long positions for both EURUSD and Gold. With the unceartinity of politics, Trump effect may in the favour of Gold. While to keep in mind President Trump wants a weaker USD, If he can influence the market, EUR may gain more sending DXY to fresh bottoms.
The 1220.12 resistance is no more valid. We may see an uptrend this week...