After a very negative day 2 days ago GOLD tried to rally but gave back a lot of the gains.
We find that, traditionally, ±1290 has been a very strong support for the XAUUSD pair. However, we do have to keep a few things in mind
- This dip is primarily due to a rally of the USD 2 days ago.
- As long as we don't see a break below the 200 day...
Recently, USOIL was seemingly struggling with reaching above 60. Now what I am hoping to see is a fake break of $58, indicating that we still have enough bullish momentum. If we find a fake break of $58, we could easily see a retracement to $60 levels, and possibly even $62,50 and $65 in the long run. Breaking below $58 would signal more bearish momentum.
I don't think much will be happening between 1300 and 1325. Even when we see a break of 1300 we will have to wait and see if there will be follow-through, given the extensive amount of EMA's supporting between 1300 and 1270. Nevertheless, could offer some profitable scalping.
While XAUUSD has seen quite a significant since early November, it failed to push through the more significant $1300 levels. After being in a triangular pattern for several days it has gone down below the 1D 20 EMA today at around $1284. So far, it has failed to break back through. We’ll have to wait and see if the daily will close below it. This is a very good...