GOLD XAUUSD > Analysis > Daily > 16th November
Hello traders!
Ranging in the higher end of an ascending channel, where we can see a bullish triangle pattern form.
With 1865 held yesterday it is likely to push up. If we can break to the upside we can expect to run long on Gold!
Along the rising support line
If levels push below triangle trend line be cautious as we could then see price movement head towards 1840.
In regards to news we can see gold has held its level due to inflation concerns. Whilst there is no correlation between DXY atm we can expect high inflation to linger for while and provide a positive effect for gold.
We have red flag news today in regards to retails sales - be cautious.
Trade safe and good luck!
Ranging in the higher end of an ascending channel, where we can see a bullish triangle pattern form.
With 1865 held yesterday it is likely to push up. If we can break to the upside we can expect to run long on Gold!
Along the rising support line
If levels push below triangle trend line be cautious as we could then see price movement head towards 1840.
In regards to news we can see gold has held its level due to inflation concerns. Whilst there is no correlation between DXY atm we can expect high inflation to linger for while and provide a positive effect for gold.
We have red flag news today in regards to retails sales - be cautious.
Trade safe and good luck!
Trade closed manually