if gold stays above 1344 price could rally 1380 heres why
Gold rallied to its highest level since August 2016 of 1368. The dollar (Gold inverse )rebounded in response to commentary from President Trump.Comments from Donald Trump helped turn the dollar around and encouraged investors to sell gold saying he wanted a “strong dollar”, contradicting earlier comments made by Treasury Secretary Steven Mnuchin. That got bulls scared and force them to pull out of their position. The trend would have continued going up with a very slight pull back if trump had not made any comments that day contradicting what Steven said. ( Yes blame it on a trump lol)
"Gold is trading higher early Friday as dollar weakness is continuing to support prices, helping to hold them steady despite Trump’s comments. While catching investors off-guard with his comments, Trump’s support for the dollar may not have been strong enough to reverse gold’s uptrend"
Gold is now trading in between 2 main key levels 1366 and 1344. if 1366 is broken, that will send go to 1380-1385 levels which is the next resistance zone.
as you can also see the current bearish candle now did not open lower it opened slightly in the middle near the high of the the pervious candle before. so this may be a fake out and bulls may take the Win
if gold is broken on 1344 then gold should touch around 1324 which is the last support zone.
Price is also still very bullish on the weekly trend.
I'm staying in buys all day
Sincerely MR XAU
"Gold is trading higher early Friday as dollar weakness is continuing to support prices, helping to hold them steady despite Trump’s comments. While catching investors off-guard with his comments, Trump’s support for the dollar may not have been strong enough to reverse gold’s uptrend"
Gold is now trading in between 2 main key levels 1366 and 1344. if 1366 is broken, that will send go to 1380-1385 levels which is the next resistance zone.
as you can also see the current bearish candle now did not open lower it opened slightly in the middle near the high of the the pervious candle before. so this may be a fake out and bulls may take the Win
if gold is broken on 1344 then gold should touch around 1324 which is the last support zone.
Price is also still very bullish on the weekly trend.
I'm staying in buys all day
Sincerely MR XAU
MRXAU