FX:XAUUSD   Gold Spot / U.S. Dollar
My view on what gold is gonna do in the next weeks.
Comment: Finally we have a breakout on gold after a week of noise.
Tough one to call this. DXY is still weakening although having a better day today but weakness looks like it will continue.
I agree its a little bit tricky but with usd last weeks weakness, gold didnt go higher and that may tell us something:)
Staxs tonz_of_gunz
Agreed in that gold did not follow dollar weakness which was surprising but perhaps telling too.
i like that trade
Hello, it seems to be incorrect vision. Highly recommend to think more on it. What if 1330 is lowest point we could see in near future? Good luck and thank you for your setups.
tonz_of_gunz FreshOilTrader
Well we made a lower high at 1366, we broke a major tl and after 2 tries gold coudnt go back up so my opinion on this is bearish.Also you can see price making a descending triangle on lower tf , another thing that makes me think we gonna go lower but we will see:).
FreshOilTrader tonz_of_gunz
Sure, market will show us reality soon. Just valuable to be prepared for opposite scenario. You predict growth of the oil, so probably believe that Gold should to be bearish. Just think what if Gold is going to grow because of some other reason(s)? So, not allow to catch you in a this trap. Be very carefully at 1330+-.
_VincentP_ tonz_of_gunz
But we haven't made a lower low, in fact it are higher lows and equal tops so ascending bull triangle. Of course that is never a certainty but imo, especially with fundamentals included, this could go higher. This seems more like a temp stop.
tonz_of_gunz _VincentP_
Ofc it can go both ways but this is not how an ascending triangle acts, not with the last move down so i still think the chances are like 60% to 40% for a down move:).
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