In this analysis, we can see the gold price has broken above a strong and long term descending trend line. Price also broke above previous resistance which became new support. If we see a slight retracement, then weakness on selling power, we could expect price to continue bullish momentum.
USDCAD broke out of head and shoulders with a strong impulse to the upside.
I am expecting a retracement to the previous support level which is also the 0.382 fib level.
Lets wait to see if the support level is held. If yes we can expect more bullish action
Take note to follow fundamentals over the given period.
1. Price broke below trend-line
2. Previous week closed bearish
3. Brexit disagreements and possible sanctions from the EU is a knock for the British economy.
- Observe price action, if price fails to break above the support level we could see more bearish action. Level has already been tested twice on the 1h TF. Also monitor fundamentals regarding...