Gold has been rejected by the yellow line MA three times, including a major failure this Friday. It supposedly to attack the daily cloud, while failed and formed by a huge volume shooting star candle.
On the other side, DXY successfully entered into weekly cloud (a more resistance zone). Although there was profit taking at previous high level, the upper wick was not significantly large. An attack of weekly cloud is a major trend breaking out signal. Meanwhile, DXY's weekly major EMA all have curled upwards.
Next week we should see a major downside for gold and major upside for DXY.
TP: GOLD 1130
DXY: 97.41(Breakout level to watch), next is 105 after breakout.
On the other side, DXY successfully entered into weekly cloud (a more resistance zone). Although there was profit taking at previous high level, the upper wick was not significantly large. An attack of weekly cloud is a major trend breaking out signal. Meanwhile, DXY's weekly major EMA all have curled upwards.
Next week we should see a major downside for gold and major upside for DXY.
TP: GOLD 1130
DXY: 97.41(Breakout level to watch), next is 105 after breakout.
