Gold Update (Long)
This is my 5th Update on my Short Gold Trade I posted last month from 2055. In that post I had mentioned levels to look for taking profits and levels to look for good bounces, we have reached one of those levels 1935. It's a strong support and we are currently making bull divs here. Which only means we should look for longs here. 1935 also falls on prz of Butterfly from the current top.
As you all know DXY and XAU are very inversely correlated. That is how I was sure Gold would reverse as I DXY was forming a bottom over a month ago.
This long also falls in line with the chart of DXY as it stands today.
DXY has rallied from 100 to 103.9 and is at resistance. It should start facing difficulty to move higher from here. 104-105 are heavy resistance. Dxy has already formed bear divs on 4h I expect it to continue forming these divs and start some retrace to test Daily 34 and 21 EMAs at 102 and 101.5
DXY is also at PRZ of a crab and bat so a retrace is due for it which means a pump in Gold.
NOTE: We have US CORE PCE price index being released tomorrow, a same as forecasted or higher will lead to short term boost in DXY which will push Gold. so, you may want to wait for that to be released before taking the setup. If the number comes lower DXY should go down and Gold should rise.
I have provided links to all the past analysis for DXY and gold below the post.
As you all know DXY and XAU are very inversely correlated. That is how I was sure Gold would reverse as I DXY was forming a bottom over a month ago.
This long also falls in line with the chart of DXY as it stands today.
DXY has rallied from 100 to 103.9 and is at resistance. It should start facing difficulty to move higher from here. 104-105 are heavy resistance. Dxy has already formed bear divs on 4h I expect it to continue forming these divs and start some retrace to test Daily 34 and 21 EMAs at 102 and 101.5
DXY is also at PRZ of a crab and bat so a retrace is due for it which means a pump in Gold.
NOTE: We have US CORE PCE price index being released tomorrow, a same as forecasted or higher will lead to short term boost in DXY which will push Gold. so, you may want to wait for that to be released before taking the setup. If the number comes lower DXY should go down and Gold should rise.
I have provided links to all the past analysis for DXY and gold below the post.
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