This is my analysis for GOLD using daily timeframe.
1. Drop Base Rally (DBR) happen when support at 1728.11 rejected.
2. Demand continue uprise and last week movement price making a base until NFP day.
3. NFP data last Friday has making Rally Base Rally (RBR) and price reach resistance zone at 1780 rejected and price back to base.
4. By looking at this I believe RBR setup still valid and it shown gold still has demand.
5. Meanwhile in DXY/USD Index daily timeframe shown price had break bullish candle body. Rally Base Drop (RBD) for DXY is consider valid. Hopefully.
Trading idea.
Buy GOLD, it might retest 1780 again with minimum stop lost below RBR low zone.
Best.
Al-Yaqen
1. Drop Base Rally (DBR) happen when support at 1728.11 rejected.
2. Demand continue uprise and last week movement price making a base until NFP day.
3. NFP data last Friday has making Rally Base Rally (RBR) and price reach resistance zone at 1780 rejected and price back to base.
4. By looking at this I believe RBR setup still valid and it shown gold still has demand.
5. Meanwhile in DXY/USD Index daily timeframe shown price had break bullish candle body. Rally Base Drop (RBD) for DXY is consider valid. Hopefully.
Trading idea.
Buy GOLD, it might retest 1780 again with minimum stop lost below RBR low zone.
Best.
Al-Yaqen
Note
1793.19 is supply zone, TP for current bullish rally from 1750.
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.