Considering the USDX and also the shape of the pair's pattern, likely we are dealing with a "false bull flag" pattern. This usually is a bearish pattern, and with patience we will see the pair around 17.8750 again.
Yesterday's idea worked well, as long one took profits. The markets are USD bullish, and GOLD has been under severe attack as well, being liquidated, as I feel was logically based on the overbought status of the weekly chart.
Strategy SELL @ 18.2650-18.3000 and take profit near 18.0450 for now.
Yesterday's idea worked well, as long one took profits. The markets are USD bullish, and GOLD has been under severe attack as well, being liquidated, as I feel was logically based on the overbought status of the weekly chart.
Strategy SELL @ 18.2650-18.3000 and take profit near 18.0450 for now.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.