If Gold cannot breakthrough the green zone

FX:XAUUSD   Gold Spot / U.S. Dollar
1642 10 36
If Gold             cannot breakthrough the green zone next week, it's time we can consider a official pull back will come. But in the long run, I still expect the gold             will go to 1400 above personally.
Comment: Be careful of brexit
I see a few days pullback for gold... brexit is seeming less and less likely which should hurt it short term I believe, then it will pick up and head to 1400 i agree with that part of your analysis. RSI is also showing OS on my charts.
So if happens can we see 1245 or below?
battlemage Sakakikunmakio
1265ish will be next major support. Gold is going to consolidate for the next week while we wait for the BREXIT results. We will see $1450 gold in the coming months still.
Hi Leo,

A pin is always mention with pinnochio nose. So when the nose is going up. it means strong bearish resistance which in turn means that the price action will be going down. Now that is the one that is always mentionned, but what about hte nose going down, can I presume that that means that there is a strong bullish resistance and that the price will probably going up? I just noticed one on the DXY.
LeoYao EricDelacrausaz
Hi, your understanding is correct. But for pin bar, if the nose direction is following the trend direction, means it faces some resistance or support. But if the nose is opposite to the trend direction, it can also show the same result but just weaker than previous scenario.
Thank you
Is it not true that Gold is correlated with the USD so when the gold goes up, the $ goes down and vice versa? This is what I have observed just not sure if it is coincidence or the normal behavior.
LeoYao EricDelacrausaz
Hi Eric, XAUUSD is correlated with USD. But sometimes u also can see both XAUUSD and USD(DXY) are up together because XAU itself also might be pushed up because of the world economy. But what you said is normally true in most scenarios. This is market there is no definitely correct rule.
if gold could not break through it will start building an wave in leading diagonal shape and breakthrough resistance later on.
LeoYao sanjay.prajapat.311
thanks for sharing
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