Gold MUST maintain 1311$ Today to remain Bullish short term
So far all charts are pointing up including the short term momentum 30min-1h chart which will be the first sign for a change in behavior and trend in Gold. So Gold is still OKAY unless ->
The 30min chart which is the short term momentum of the market and it shows 1311$ (just 4$ below where we are) as critical level that should not be breached in Gold for it to remain bullish. The momentum is still bullish until it does breach the 1311 even though this 30min channel is overextending in terms of time and
I feel it might breach to the downside especially as I am looking for much stronger dollar going forward. That being said , Gold is super resiliant in the face of a strong dollar so I won't put too much weight on the dollar index.
IF 1311$ is breached to the downside the attention turns to the Daily chart as I only have a potential channel on the 4H. The Daily is showing 1292-1294$ area as next support , IF this one breaches the next one is all the way down in the mid-high 1250$ area depending on when it is hit.
So I am watching to see IF 1311 is breached to the downside which will flip the momentum downwards and probably spill the bearish behaviour in the bigger charts. Beware of the strong dollar !
The 30min chart which is the short term momentum of the market and it shows 1311$ (just 4$ below where we are) as critical level that should not be breached in Gold for it to remain bullish. The momentum is still bullish until it does breach the 1311 even though this 30min channel is overextending in terms of time and
I feel it might breach to the downside especially as I am looking for much stronger dollar going forward. That being said , Gold is super resiliant in the face of a strong dollar so I won't put too much weight on the dollar index.
IF 1311$ is breached to the downside the attention turns to the Daily chart as I only have a potential channel on the 4H. The Daily is showing 1292-1294$ area as next support , IF this one breaches the next one is all the way down in the mid-high 1250$ area depending on when it is hit.
So I am watching to see IF 1311 is breached to the downside which will flip the momentum downwards and probably spill the bearish behaviour in the bigger charts. Beware of the strong dollar !
