Simple trading - Cup and handle pattern
Watch gold to see if the handle will be filled. I have marked the probable retracement using the FIBB (purple lines) If gold manages to hold above .618 or 2340 we can look to continue buying.
With the DXY making its way back up after testing previous support (104.05) it is only a matter of time before GOLD gets the pullback it deserves. If GOLD wants to remain bullish on the macro level it needs to make a macro pullback to gain its momentum.
This week Powell gave the dollar a bullish outlook for the remaining quarters. With a natural dollar into Q2, start taking profits on buys and get ready for more sell pressure in the markets.
**Gold bearish scenario will come out this weekend if gold remains below 2400.
These are just my thoughts, not financial advice.
Watch gold to see if the handle will be filled. I have marked the probable retracement using the FIBB (purple lines) If gold manages to hold above .618 or 2340 we can look to continue buying.
With the DXY making its way back up after testing previous support (104.05) it is only a matter of time before GOLD gets the pullback it deserves. If GOLD wants to remain bullish on the macro level it needs to make a macro pullback to gain its momentum.
This week Powell gave the dollar a bullish outlook for the remaining quarters. With a natural dollar into Q2, start taking profits on buys and get ready for more sell pressure in the markets.
**Gold bearish scenario will come out this weekend if gold remains below 2400.
These are just my thoughts, not financial advice.