The upcoming Tappering pressure would give confirmation to Bear of a rising dollar (in the short term at least), pushing gold at least to retest the psychological level at 1680.
If broken this important support level, we could see a bearish impulse that could test the 1447 price to maybe at my eyes look for liquidity to seek reaching its ATH again maybe even...
As todays DXY and Yields on the US Treasury Bods rising push down Gold,
right now focusing just on price action, im expecting a retracement to 1819,
and from there see if the price its going to keep chasing its ATH or start a new movement
to the downside.
In the bigger picture I personally believe that Gold its gonna keep climbing
up towards 2070 again.
NOT...
After a bearish impulse caused by the rising dollar and yields in the US treasury bonds
the price reached a support at 1792 giving the pullback to get more liquidity to probably breakout downside.
NOT FINANCIAL ADVISE WHATSOEVER - JUST PERSONAL OPINION.
After a bullish MMT for several days, the price was doing a retracement
on the H4-H1 timeframes where is consolidating now.
1st entry - Waiting for reversal it demand area.
2nd entry - If the price gives the first entry then wait for breakout and retest
or at the breakout (more risky)
3rd entry - Same process as second.
NOT FINANCIAL ADVISE WHATSOEVER...
As we can see on the Daily timeframe a forming falling wedge and the price reaching a resistance in lower timeframes giving me a sing of retracement to then continue its way up, giving us the chance to trade the pullback and the impulse after.
