Here is a quick weekly look ahead of gold. coming off a daily time frame FVG at the end of last week, i see a push down towards the lower timeframe 4hr FVG. Major news events look heavily weighted for Friday. Wait for price to react in one of these two FVG's and continue to the last High.
here is why i'm a little more confident in it reaching a little higher before the continuation. see how the fib level, the middle of the fair value gap and that strong low all happen at the same price? if price goes up to that level very good chance it respects it to the down side. also see some confirmation on the DXY poised to do the same thing,
I thnk its going to go short fresh low restest. im looking for a 1:2 RR. break
Looks like this could start a long term swing down. Carry trade is about 50% for a short position, may be a grea time to start selling tops all the way down.
Green means go with my indicators and set up. i use 1 ATR take profit. should be a solid win before the weekend
Set up gives a clear buy signal. should hit 1 ATR TP before the weekend.
Trading indicators flagging a sell signal. we have a solid down trend, and a cross over on our wave indicator.
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DXY TO 95 Min, 96.50 Comfortably. Pretty Safe bet to watch DXY get to 96.50 with little resistance. it will be fueled by jobs, unemployment news this week, stimulus talks as those solidify.
Will the trend line turn from support that it has enjoyed for over a year to a resistance?
Pretty clean picture of reasons for the DXY to go short technically. Should be able to safely target 97.75
Fish in a barrel on this one over the next couple months. Price hitting 1.33 and holding tough, also hitting top of year long downtrend line, and getting over bought on the indicator. use a smaller time frame to look for a good entry.
The 1.1 handle is holding as a strong support. And even with all the positive USD news it wouldn't break. I see a good bounce coming to the upper end of this long term down trend.
DXY is hitting a couple resistance lines now. I see it cooling down next couple weeks to the 97 area.