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nice basic rejection off the of daily support , very nice extreme bullish reaction as represented by the wick. there is good buying power around the support. the dollar index is coming off of a monthly resistance , hence supporting the bullish vision i see for this pair in the short term.
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price has re entered the channel , if it pushes up , we will likely see price coming to the red TL before dropping..
expecting gold to touch the upper trend line one more where it will be a break our bounce scenario indicated by the 2 blue arrows
price has rejected off the top end of a bearosh channel, i expect it to now drop towards the arrow zones.
Considering the dxy analysis i have posted prior to this post. If the dxy used that zone as a support (refer to the dxy setup) we should see gold drop to around the o.618 level , where there is a preious strong resistance. ideal area to also go long if we see good rejection around the 0.618 fib level.
At the current time of typing this the dxy seems to have found some temporary support. it may gather enough momentum to test the upside channel trendline however we would need to see at least a daily/strong bullish h4 close above the resistance to confirm it is now a support for this index. alternatively if we break below the current zone there is definite scope ...