Is gold forming a cup and handle?
Hey guys
Just a quick note before Fomc. Monthly looks like price is consolidating above TK with macd crossed up.Weekly kijun is holding so far and chikou in the past candles. Weekly kijun sen is flat and is a key level on this chart.Macd is crossed down though. Daily looks like a cup and handle pattern. price is in cloud but grinding lower with macd momentum dying.
Keep an eye on gold . A sharp reversal, can take us to monthly kumo top. Hopefully tomorrow it can decide if it wants to go up or down. My bias is to the upside. Only thing concerning to me is gold is struggling to break this 1360 zone forever and hovering at these levels even with dollar weakness. If it wants to ho higher, it gotta break it soon . Otherwise, things can get ugly for gold.
On a side note,I expect some pullback in the ST treasury yields tomorrow . The move is extended and swing wide now. This scenario can help gold. I'll post some bond charts alongwith some other charts on the weekend. Stay tuned.
Thank you for the read.
Happy trading
Just a quick note before Fomc. Monthly looks like price is consolidating above TK with macd crossed up.Weekly kijun is holding so far and chikou in the past candles. Weekly kijun sen is flat and is a key level on this chart.Macd is crossed down though. Daily looks like a cup and handle pattern. price is in cloud but grinding lower with macd momentum dying.
Keep an eye on gold . A sharp reversal, can take us to monthly kumo top. Hopefully tomorrow it can decide if it wants to go up or down. My bias is to the upside. Only thing concerning to me is gold is struggling to break this 1360 zone forever and hovering at these levels even with dollar weakness. If it wants to ho higher, it gotta break it soon . Otherwise, things can get ugly for gold.
On a side note,I expect some pullback in the ST treasury yields tomorrow . The move is extended and swing wide now. This scenario can help gold. I'll post some bond charts alongwith some other charts on the weekend. Stay tuned.
Thank you for the read.
Happy trading