As I see this gold hedges against inflation when it's weak(getting cut, curved or tackled) and neutral with bearish stocks and dollar. All needs to align to give gold it's bounce meaning all should be bearish for gold to up as we know usd is like a hedge against it that's why when usd does bad gold becomes a safe haven to invest buys in
Below 1610 will trigger a sell off to 1560/1580& 1550
Factors to watch for gold price action-
Global stock market- Bullish (Negative for gold)
US dollar index – Mixed (Neutral for gold)
US10-year bond yield- Mixed (Neutral for gold)
Gold below 1630 will open 1620/1610/1600
Entries are 1670/66 I missed that due to fixing personal stuff
I will start to look for an entry somewhere between
1649/1646/1645.30
As long as 1700/1680 doesn't get surpassed I will look to aim for 1545.80 and even 1400/1385/1245 the least if I push luck to buy dips that will be in the 1150 level as I assume one day gold will be on a bullish bias as the trend MN shows.
For now we have topped since 2070 & as I said a MN close weekly and D1 below 1680 will indicate a trend change to the downside
Rsi shows forward momentum daily TF
entry 1647.7
SL 1700-1685
Target 1600flat or 1610
1545.75
1488
1410
1365
1289
1158
1129 for the luck pushers
I explain this fully coz I can't do any technical analysis charts messed up.
FOMC is at 8pm depending on timezone so be careful for it can send it shooting to 1670-68 intial entry price today somehow failed to see it as bears came in early to test buyers keen bounce
Below 1610 will trigger a sell off to 1560/1580& 1550
Factors to watch for gold price action-
Global stock market- Bullish (Negative for gold)
US dollar index – Mixed (Neutral for gold)
US10-year bond yield- Mixed (Neutral for gold)
Gold below 1630 will open 1620/1610/1600
Entries are 1670/66 I missed that due to fixing personal stuff
I will start to look for an entry somewhere between
1649/1646/1645.30
As long as 1700/1680 doesn't get surpassed I will look to aim for 1545.80 and even 1400/1385/1245 the least if I push luck to buy dips that will be in the 1150 level as I assume one day gold will be on a bullish bias as the trend MN shows.
For now we have topped since 2070 & as I said a MN close weekly and D1 below 1680 will indicate a trend change to the downside
Rsi shows forward momentum daily TF
entry 1647.7
SL 1700-1685
Target 1600flat or 1610
1545.75
1488
1410
1365
1289
1158
1129 for the luck pushers
I explain this fully coz I can't do any technical analysis charts messed up.
FOMC is at 8pm depending on timezone so be careful for it can send it shooting to 1670-68 intial entry price today somehow failed to see it as bears came in early to test buyers keen bounce
Comment:
H4 looked as it made a fakey (fakeouts)
Trade closed: target reached:
First target reached 1637. SL in profit 300+ floating
