Could This Week Be In Favor Of The Bears?
The monthly chart on gold is showing that we have created a big doji in an overbought zone. This may be signaling for the sell.
Currently, price looks like it's consolidating on a higher time frame. So what I'm waiting to see is will it break the overall bullish trendline for the short, or will it bounce off the 1924.42 zone to continue up into unknown territory.
If we break the trendline, it's gonna be a hell of a drop back to the monthly 1805.30 area that I have. Maybe longer if the US can behave with its economy and the virus. Let's see.
What is also signaling the sell in favor of the USD is, of course, the DXY chart. The DXY has hit a major key level zone on the weekly and it looks to be signaling that it's going to go up. So I'm actually crossing fingers to have a very nice swing trade sell with this pair.
BEAR TPS:
• 1931.37
• 1890.45
• 1846.39
• 1811.89
BULL TPS:
From the trendline…
• 1974.53
• 2008.74
• 2073.64
Currently, price looks like it's consolidating on a higher time frame. So what I'm waiting to see is will it break the overall bullish trendline for the short, or will it bounce off the 1924.42 zone to continue up into unknown territory.
If we break the trendline, it's gonna be a hell of a drop back to the monthly 1805.30 area that I have. Maybe longer if the US can behave with its economy and the virus. Let's see.
What is also signaling the sell in favor of the USD is, of course, the DXY chart. The DXY has hit a major key level zone on the weekly and it looks to be signaling that it's going to go up. So I'm actually crossing fingers to have a very nice swing trade sell with this pair.
BEAR TPS:
• 1931.37
• 1890.45
• 1846.39
• 1811.89
BULL TPS:
From the trendline…
• 1974.53
• 2008.74
• 2073.64