Just wanted to post the wider view on gold. The last chart I posted was the current channel, and this is the long-term channel. Keep in mind that, with PnF charts on Tradingview, the timeframe doesn't matter. You are looking at a very long term price channel.
Trade closed: target reached:
Everything went exactly as predicted. At news, gold blew through the channel and it is now retesting that line. If it holds that line (does not cross back into the previous channel) then the new trend (stronger bullish) is confirmed and there are more gains on the horizon for gold. If gold manages to fall back into the previous channel and closes below the line again, we could see a deeper retrace. Given the fundamentals, it seems unlikely to retest the bottom of previous channel, but a retest of the mean could be possible (if gold fails to hold above top channel line. All in all, it's not looking great for DXY or yields.
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