TECHNICALS:
1.
- Price was respecting a short-term descending trend-line
- During consolidation phase price broke out sideways from trend-line
- Price then retested the trend-line on Friday
- Possible precursor to bullish move
2.
- 1222 Psychological level has acted as strong support as of recent
- The retest of the descending trend-line coincided with the 1222 support
- Price attempted to break lower through this level, however snapped back to close
the day on Friday resting upon it
3.
- On the 1hr timeframe a clear H + S bullish reversal pattern can be seen during the retest of the trend-line
- The shoulders lay perfectly on the 1222 Pysc support
- The head of the pattern tried to break below this level however failed and snapped back
FUNDAMENTALS:
- Iran/US tensions yet another geopolitical tension to add to the list that may prove bearish for USD
- If China/US trade tariffs calm down then this may provide a relief rally for gold as this has been subduing it for some time now
Appreciate any thoughts/comments,
Thanks for reading,
James
1.
- Price was respecting a short-term descending trend-line
- During consolidation phase price broke out sideways from trend-line
- Price then retested the trend-line on Friday
- Possible precursor to bullish move
2.
- 1222 Psychological level has acted as strong support as of recent
- The retest of the descending trend-line coincided with the 1222 support
- Price attempted to break lower through this level, however snapped back to close
the day on Friday resting upon it
3.
- On the 1hr timeframe a clear H + S bullish reversal pattern can be seen during the retest of the trend-line
- The shoulders lay perfectly on the 1222 Pysc support
- The head of the pattern tried to break below this level however failed and snapped back
FUNDAMENTALS:
- Iran/US tensions yet another geopolitical tension to add to the list that may prove bearish for USD
- If China/US trade tariffs calm down then this may provide a relief rally for gold as this has been subduing it for some time now
Appreciate any thoughts/comments,
Thanks for reading,
James