As mentioned yesterday, Gold made first test of the former 1,735 - 1,729.50 Resistance Zone as Support and from today's green candle, looks like it will respect the symmetry and rebound.
Unless we break above the 1D MA200 (1,801.06), this rebound will be short-lived and won't be able to sustain a long-term bullish trend.
The 1D time-frame remains bullish (RSI # 59.556, MACD # 23.430, ADX # 30.251) so short-term traders can continue buying the dips but look to take profit quickly at max 20 points, until the 1D MA200 breaks.
The 1D MA50 is at 1,682.24 and remains the ultimate Support of this November uptrend.
If broken the bearish trend will be resumed targeting 1,630 initially.
The US10Y remains below its 1D MA50 and is what keeps Gold bullish today but a potential rise of the DXY to retest the 1D MA50 as Resistance can extend this pull-back on Gold.
Plan your trades accordingly and keep in mind that tomorrow is the big news (FOMC Meeting Minutes).
All prices mentioned on my analysis are on XAUUSD.
Unless we break above the 1D MA200 (1,801.06), this rebound will be short-lived and won't be able to sustain a long-term bullish trend.
The 1D time-frame remains bullish (RSI # 59.556, MACD # 23.430, ADX # 30.251) so short-term traders can continue buying the dips but look to take profit quickly at max 20 points, until the 1D MA200 breaks.
The 1D MA50 is at 1,682.24 and remains the ultimate Support of this November uptrend.
If broken the bearish trend will be resumed targeting 1,630 initially.
The US10Y remains below its 1D MA50 and is what keeps Gold bullish today but a potential rise of the DXY to retest the 1D MA50 as Resistance can extend this pull-back on Gold.
Plan your trades accordingly and keep in mind that tomorrow is the big news (FOMC Meeting Minutes).
All prices mentioned on my analysis are on XAUUSD.