This analysis was made on the daily/4h timeframes. To see my long-term analysis on gold made on the weekly TF, follow me and look at the post before this one.
Lovely and clear bullish channel seen here, the bottom trendline especially has been well-respected. DXY looks like it may double top on the 4h TF which should cause gold to bounce off of the bottom trendline again, and hopefully make it's way up to the mid-$1950s.
I'll be watching to see where gold reopens on Sunday night.
If it breaks the bottom trendline then my analysis is invalidated. If it's respected, i'll enter a long and try to hold one position to at least $1960. Gold breaking and holding above $1900 will be confirmation that it's going to move up. I'm also looking to see the top trendline broken for extra confirmation of a longer-term uptrend.
Key support and resistance levels also marked out.
Updates to follow.
Lovely and clear bullish channel seen here, the bottom trendline especially has been well-respected. DXY looks like it may double top on the 4h TF which should cause gold to bounce off of the bottom trendline again, and hopefully make it's way up to the mid-$1950s.
I'll be watching to see where gold reopens on Sunday night.
If it breaks the bottom trendline then my analysis is invalidated. If it's respected, i'll enter a long and try to hold one position to at least $1960. Gold breaking and holding above $1900 will be confirmation that it's going to move up. I'm also looking to see the top trendline broken for extra confirmation of a longer-term uptrend.
Key support and resistance levels also marked out.
Updates to follow.
Trade closed: stop reached:
I entered last night around $1877 but got stopped out at $1872. Price continued to head downwards but i expect it to stop at around $1856... I'll post a new analysis about it since this one was invalidated
