Looking at DXY, SPX and even Bitcoin - the Dollar needs a move up. Stochastic, Elliott and various other tools all say the same thing.
This move will come with Dollar strength once Biden is fully integrated. Then Dollar will drop pushing this up (we might even see a new high) and then what also makes sense is for the SPX to drop a fair way and it might drag gold back down before it becomes the safe haven again. Stocks will get converted to Gold and then we could see a bigger Rally as a whole.
Overall sentiment is Long - but I expect a short to the order-block, a rise as the dollar dips back before a major move based on SPX and not DXY pushing Gold Long for some time.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
This move will come with Dollar strength once Biden is fully integrated. Then Dollar will drop pushing this up (we might even see a new high) and then what also makes sense is for the SPX to drop a fair way and it might drag gold back down before it becomes the safe haven again. Stocks will get converted to Gold and then we could see a bigger Rally as a whole.
Overall sentiment is Long - but I expect a short to the order-block, a rise as the dollar dips back before a major move based on SPX and not DXY pushing Gold Long for some time.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
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Master the Art of Trading: amzn.to/3nUfB9r
Prop firm partners (FTMO)
shorturl.at/hBEQ4