Gold dropped through the floor last week as we saw the Dollar pullback across the board with the DXY rising.
Technically, we can clearly see a Head and Shoulders formation here as well as price being well under the 38.2% Fibonacci Retracement and offers a good target with the ascending trendline pullback.
However, given the clear fundamentals still in place with US debt rising, attention turns to Yield Curve control and what Fed Chair Powell says on Thursday.
Confirmation for buying:
4hr close above the key resistance area around 1960-1965. This would also eliminate the 50ema. Target is the 61.8% around the key psychological 2k handle.
Confirmation for selling:
Closure below the neckline on the 4hr timeframe around 1925. Targets around 1910-1912 area of major support.
Technically, we can clearly see a Head and Shoulders formation here as well as price being well under the 38.2% Fibonacci Retracement and offers a good target with the ascending trendline pullback.
However, given the clear fundamentals still in place with US debt rising, attention turns to Yield Curve control and what Fed Chair Powell says on Thursday.
Confirmation for buying:
4hr close above the key resistance area around 1960-1965. This would also eliminate the 50ema. Target is the 61.8% around the key psychological 2k handle.
Confirmation for selling:
Closure below the neckline on the 4hr timeframe around 1925. Targets around 1910-1912 area of major support.