Taking a look on the weekly gold chart I have to say this doens't look really good..
1. On Friday we printed a weekly key reversal candlestick.
WWW.TRADINGVIEW.COM/X/8R6WMGVM/
2. Price is turning down violently from the down trendline.
Normally these are important warning signs that price will head down.
But...
I still think that after that very very long previous intermediate cycle gold has thin chance to drop below 1763 $ ...
Every time gold got close to 1960 and the trendline we had serious contracts dumped to prevent gold from breaking out of the channel:
The RSI got oversold , MACD crossed over.
Now wee need the RSI to leave the overbought territory and the MACD to pront another crossover to the upside.
And forget watching the dollar right now.
Today XAUUSD rallied along the dollar:
Dollar and gold can easily move together in the mess we have in the USA right now.
This happened during brexit and many other times...
1. On Friday we printed a weekly key reversal candlestick.
WWW.TRADINGVIEW.COM/X/8R6WMGVM/
2. Price is turning down violently from the down trendline.
Normally these are important warning signs that price will head down.
But...
I still think that after that very very long previous intermediate cycle gold has thin chance to drop below 1763 $ ...
Every time gold got close to 1960 and the trendline we had serious contracts dumped to prevent gold from breaking out of the channel:
The RSI got oversold , MACD crossed over.
Now wee need the RSI to leave the overbought territory and the MACD to pront another crossover to the upside.
And forget watching the dollar right now.
Today XAUUSD rallied along the dollar:
This happened during brexit and many other times...
Comment:
EurUsd possible DCL here at the 200SMA.
