Mihai_Iacob

Intraday update on Gold, EurUsd & DXY

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
In my morning analysis, I said that Gold is bullish and It can break above resistance. However, looking at the chart and PA more in depth, it seems that Gold in fact is bearish and 1810 support will eventually fall.
Looking at the posted daily chart, we can see that, indeed, Gold has risen since December's low, but the rise is not convincing, is overlapping and the PA is very choppy.
This makes me believe that in fact is a large bearish corrective flag for the 1870-1750 drop.
That being said, at this moment I'm out from buy trades and I'm looking to sell rallies against 1830 resistance.

EurUsd:


Here an update to my morning analysis is in order also.

Last week EurUsd has broken above the long term consolidation and although the chart is still bullish as long as the price is above support, last Friday's aggressive drop is a sign that EurUsd will resume its downtrend and this in fact is just a false break
Confirmation for this comes once the price drops under support.

DXY outlook:


In my previous analysis, I said that DXY must keep support intact in order to maintain the bullish trajectory started in June.
Now we have a clear reversal from this support and DXY back above 95.60 would confirm that the drop was just a correction and we are resuming the uptrend



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