If I choose the stance of S&P500 is bearish, and positive for USD. Gold will be downside.
Look at the chart.
Gold touched the bearish trend line.
And Gold price tested the resistance level : 1236.24
Short Gold to 1215.47 level.
If you choose the move of USD is bearish. Gold will extend to next resistance level is 1250.85.
You have two choices:
- If you choose bullish trend for USD, Gold is bearish trend. the level is 1215.47
- If you choose brearish trend for USD, Gold is bullish trend, the level is 1250.85.
In my opinion, I choose the first choice : Bullish trend for USD, bearish trend for Gold.
Look at the chart.
Gold touched the bearish trend line.
And Gold price tested the resistance level : 1236.24
Short Gold to 1215.47 level.
If you choose the move of USD is bearish. Gold will extend to next resistance level is 1250.85.
You have two choices:
- If you choose bullish trend for USD, Gold is bearish trend. the level is 1215.47
- If you choose brearish trend for USD, Gold is bullish trend, the level is 1250.85.
In my opinion, I choose the first choice : Bullish trend for USD, bearish trend for Gold.