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Runway9

Gold - Keep an eye on it

Long
Gold Spot / U.S. Dollar (FX_IDC:XAUUSD)  
Runway9 Updated   
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Support and Resistance Head and Shoulders Cup And Handle
4
0
supportandresistance headandshoulders cupandhandle
On a larger frame it has typical Cup and Handle pattern and on a smaller frame it has inverse H&S pattern. Keep an eye on it and see if it breaks the resistance this time.
Comment:
XAUUSD is falling due to strong dollar. Keep watching the price of DXY. DXY is at resistance zone right now. If it turns back then gold will rise. Technically DXY is showing upward momentum for two more weeks.
snapshot
Comment:
XAUUSD is at key support level based on trend lines but market momentum is very negative on weekly basis. If it breaks down it can go to $1255 and then $1200.
DXY is at Key resistance but looks more positive. If it breaks up...I won't be surprised if it goes up to 95.
snapshot
snapshot
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