With the DXY gaining strenght after FOMC I see gold dropping for abit. It will be difficult to break the 1295.0 area because of the previous weekly highs but if it does it will fall hard. For the time being I set a short TP based on the analysis shown:
- The initial blue line is drawn, cloned and pasted so both lines are of equal length. The Fib extension 1.618 level is Take Profit.
- RSI is currently showing bullish divergence so I'm expecting a retrace up to previous support structure before it attempts to break 1296-1295 area.
- The initial blue line is drawn, cloned and pasted so both lines are of equal length. The Fib extension 1.618 level is Take Profit.
- RSI is currently showing bullish divergence so I'm expecting a retrace up to previous support structure before it attempts to break 1296-1295 area.
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Weekly Highs
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The daily candles showing great support right now as expected, let's see how daily candle closes.