$XAUUSD - There is more than just an inverted H&S pattern

2020年12月21日

Hi guys! 👋🏻

🔔 The US is returning to the "stronger dollar" policy after the DXY dropped below 90 first time since mid 2018.

🔔 The senate is about to approve the new stimulus pack which implies $300 per week payouts, the second largest bill of the year.

🔔 Growing number of new Covid infections and the new more contagious mutated Covid-19 virus forced EU countries to shut their borders especially with the UK where the new virus strain was found.

🔔 US Dollar gained this week on the "stronger dollar" policy news and weakening major counterparts, strong US Dollar forced the XAU/USD to restrain from the further uptrend, where it hit the dynamic resistance and the upper threshold of the descending channel.

🔔 Gold is still above the neckline of the Inverted H&S pattern which shows the continuation of the bullish run, the impulse wave of November 30 is strong, hence I'm expecting gold to continue the uptrend.

🔔 If Gold breaks below the $1960 and the neckline of the Inverted H&S pattern, then it will drop once again towards $1765 and below.

✊🏻 Good luck with your trades! ✊🏻
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