Gold has confirmed a bearish long term bearishness (maybe consolidation). 3M - 6M MA bearish cross and a daily close below 1Y moving average.
Combining this with recent weeks COT data and gold seasonality suggest 1550 and first target for (this year).
Bearish months may be March April and May. a summer recovery may occur then continue the move down starting...
This is not a trade idea, but to show DXY mementum change.
Major currencies (especially EUR) may experience some weakness as DXY is showing signs of strength technically and seasonal wise (from mid Sep).
Note: I stopped doing trend reversal trades due to bad performance, and focusing only on trend following trades as they provide 75%+ winning rate :)
Monthly and Six months 2 standard deviations support area show some robustness. Do you guys think DXY can make a recovery towards 100 levels again !
If it can pass through 97.70, we could see it there towards winter time
The gold was on a great bullish move after touching the trend line (1275-1280), which was confirmed by Nov 18.
I expected it to move towards the long established down trend (since Sep 17).
So, what is next do you think guys?
a fake breakout or a new bullish rally for gold?
Shall we consider the current readings of RSI as a divergence ?