Major bullish break-out for Gold, as the price finally closed above our expected Resistance level (4H MA200) that we have been talking about in the last two weeks, and even broke above the 1D MA50 and the Lower Highs trend-line that started all the way from the March 08 Market Top.
Even though it is premature and only marginal, this 8-month Channel Down pattern, broke to the upside.
Technically it is an early sign of shift from bearish to bullish long-term, especially since Gold has formed a (rough) Triple Bottom on the September 28, October 21 and November 03 Lows.
On the short-term, as long as the 4H MA50 supports (1,651.40) Gold should target the 1,729.50 - 1,735 Resistance Zone of September.
A closing below the 4H MA50, is a sell call targeting 1,620 again.
Ahead of the U.S. CPI on Thursday, we see the DXY maintaining its +1 month pull-back while the US10Y is neutral within a Triangle supported by its 1D MA50 still. All prices mentioned on my analysis are on XAUUSD.
Even though it is premature and only marginal, this 8-month Channel Down pattern, broke to the upside.
Technically it is an early sign of shift from bearish to bullish long-term, especially since Gold has formed a (rough) Triple Bottom on the September 28, October 21 and November 03 Lows.
On the short-term, as long as the 4H MA50 supports (1,651.40) Gold should target the 1,729.50 - 1,735 Resistance Zone of September.
A closing below the 4H MA50, is a sell call targeting 1,620 again.
Ahead of the U.S. CPI on Thursday, we see the DXY maintaining its +1 month pull-back while the US10Y is neutral within a Triangle supported by its 1D MA50 still. All prices mentioned on my analysis are on XAUUSD.