Watch out for the relationship between XAUUSD and DXY
XAUUSD hits 1.618 at 1296.33 and then drop to 1293.3. U may ask whether it can breakthrough 1296 or even 1300.
You could take DXY for your reference. DXY now comes to a super important resistance now which is around 93. If it's dropping below 93 then the next resistance is very far away.
The most possible situation is the time DXY drop through 93 is the time XAUUSD breakthrough 1300 unless there is some strong signal/indicator of increasing the interest from USA Fed or strong american data shows up next week.
You could take DXY for your reference. DXY now comes to a super important resistance now which is around 93. If it's dropping below 93 then the next resistance is very far away.
The most possible situation is the time DXY drop through 93 is the time XAUUSD breakthrough 1300 unless there is some strong signal/indicator of increasing the interest from USA Fed or strong american data shows up next week.
Comment:
Although this idea is just for educational purpose. But you can try to click play button to check the red line I highlighted. It dropped from there to almost 1200, around 96 USD. Now you know the power of 1.618. If you are chinese trader, you can add my personal QQ:694261986. If you are non-chinese trader, you can add my FB account: YiYang Yao