XAUUSD, New Heights??? Chart Analysis (Week of 04.03.2023)
Greetings, I believe that gold has a bit more stream in the engine to go higher this week for the following reasons:
-On a clear bullish trend and broke out of a short term bearish trend indicated by lower highs
-Price is currently sitting in an ascending wedge with a FVG positioned right below it.
-DXY index is trending strongly to the downside which gives further strength to the upward movement
-The overall geopolitical affairs shifting sentiment of dollar lower thereby increasing gold's price
DXY
-On a clear bullish trend and broke out of a short term bearish trend indicated by lower highs
-Price is currently sitting in an ascending wedge with a FVG positioned right below it.
-DXY index is trending strongly to the downside which gives further strength to the upward movement
-The overall geopolitical affairs shifting sentiment of dollar lower thereby increasing gold's price
DXY