A daily close above the red line is required for any significant move upward.
The Index has formed an expanding triangle targeting levels below 87 (83-85 is possible).
a retrace down to the 1300 level will make this setup seem perfect. Two measured moves, one part of the other, larger one.
Just has to break below expansion support and we will have a free fall. Right now price will be ranging.
One more weekly candle needed to confirm this but I believe we will see 103 to 101 at the end.
I believe the main trend is still bullish (Mo-W1) and we will see a significant rise in gold prices over the next two months. Support zones are very strong. There is a glitch however. Price failed to reach pitchfork midline. Is Hagopian rule is in effect here? Any comments?
So far this is only a pullback.
A retrace to the designated level seems logical.
Ichimoku and BB both indicate that this is far from over. Specially if we have a close higher than 81.26 today. IF this close is above 87.72 then we can be almost certain of the result.
I believe the harmony says it all.
Gold left an untouched target down below a few days ago. We have clear divergence and the blue line will be a critical zone. Targets 1309 and 1300.
The way the USD index looks, it just may.
First target is an important support. A retrace from it is very possible, however if price does not take the trend back, it will be a pullback only and the second (main) target is within reach.
It seems to me that if price maintains 52.66 support it will be ready for another go at the resistance and complete the pullback. If it doesn't but closes above 1249 at the end of the week, this move will happen in the next week. Main trend (daily) is bearish.