-Typical reversal formation (last 2 candles) -Resistance line holds (red) -Fibo line holds -Descending resistance holds (blue)
Comments
Generalmonkus
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Lol, bro - your gonna have to grab a cup of coffee now!!! :)
Generalmonkus
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Dude - Short term... Gold has more upside (maybe 1450), GU has more upside (maybe 1.575), SPX has more upside. This means the DXY has to fall a bit more... This conclusion was based on Gold's current run and that SPX is gonna have a big correction soon I believe. Re Gold, I'm thinking this recent up move is corrective and a rough clone based on estimating where 'a' will finish is the 1450 mentioned above.
DXY to fall a bit more (Gold to rise a bit), then DXY to bounce a bit in a retrace (Gold to make new and possibly final low), then slam through support at 80.50 and hit the 79 support area (Gold to resume bull upleg), retrace back to former support now resistance at 80.50 and then carry on down (Gold to correct the first leg of its resumed bull market and then carry on up as the $ falls).
:) See my Gold chart I published.
KevinT
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Without making any indepth analysis, I'm actually bearish on gold. Lower tops and lower lows.
KevinT
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As far as I know, Gold price is USD dependent and not vice versa. As gold is settled in USD. The recent increase in gold price is also induced by the decrease in USD.
KevinT
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So gold is not an indicator to predict USD movement.