$XAUUSD - MA200 blocked the uptrend once again
Hi guys! 👋🏻
🔔 The US Dollar Dollar index set so far the lowest point on January 06 this year at 89.391 and was able to recover and breakout from the descending downtrend channel of November 02, 2020.
🔔 If the US Dollar closes above 90.720 it might show one of the sharpest jumps up to 92.100 after testing a resistance at 91.120.
🔔 There is a strong resistance Gold is testing right now, it is a MA200 which several times signalled the bearish continuation, examples are September 10, 15-16, October 09, November 16 and December 08 of 2020. Hence, Gold needs to close above this MA200 to continue the uptrend.
🔔 There is however an important support at $1835 which was tested just recently, the level is a dynamic support/resistance and a neckline of the previous Head and Shoulders pattern.
🔔 While Gold remains above this dynamic support, it still holds all the chances to continue bullish. The first resistance Gold will face when closing above the MA200 is $1880. The bullish run of XAU/USD is also supported by RSI and MACD indicators, however MACD hasn't crossed the signal line yet, although is very close to doing so.
🔔 If Gold closes below the dynamic support it will drop towards $1817 and below that to $1780. The US JOLTS Job openings as per November announced just now 6.527M, higher than the forecasted 6.632M and the previous month’s 6.494M, this data signals the recovery and could trigger investors to bet on the US Dollar rather Gold.
🔔 I believe going long at this point is very risky especially before another key metrics announcement in the US, the CPI and Core CPI data.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 The US Dollar Dollar index set so far the lowest point on January 06 this year at 89.391 and was able to recover and breakout from the descending downtrend channel of November 02, 2020.
🔔 If the US Dollar closes above 90.720 it might show one of the sharpest jumps up to 92.100 after testing a resistance at 91.120.
🔔 There is a strong resistance Gold is testing right now, it is a MA200 which several times signalled the bearish continuation, examples are September 10, 15-16, October 09, November 16 and December 08 of 2020. Hence, Gold needs to close above this MA200 to continue the uptrend.
🔔 There is however an important support at $1835 which was tested just recently, the level is a dynamic support/resistance and a neckline of the previous Head and Shoulders pattern.
🔔 While Gold remains above this dynamic support, it still holds all the chances to continue bullish. The first resistance Gold will face when closing above the MA200 is $1880. The bullish run of XAU/USD is also supported by RSI and MACD indicators, however MACD hasn't crossed the signal line yet, although is very close to doing so.
🔔 If Gold closes below the dynamic support it will drop towards $1817 and below that to $1780. The US JOLTS Job openings as per November announced just now 6.527M, higher than the forecasted 6.632M and the previous month’s 6.494M, this data signals the recovery and could trigger investors to bet on the US Dollar rather Gold.
🔔 I believe going long at this point is very risky especially before another key metrics announcement in the US, the CPI and Core CPI data.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
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🤖 I am one of the 11K TradingView users who trade on BingX - bingx.com/partner/Aziz
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🤖 I am one of the 11K TradingView users who trade on BingX - bingx.com/partner/Aziz
