Flat price action for Gold exactly after it hit the top of the former 1,735 - 1,729.50 Resistance Zone, which is now being tested as Support.
If it holds its ground today, then this consolidation will most likely be a bottom formation as 1D remains marginally bullish (RSI # 57.686, MACD # 20.930, ADX # 31.342) .
Failure to break above the 4H MA50 (1,759.20), which is the short-term Resistance and a closing below 1,729.50 though, could push the price as low as the 1D MA50 (1,682.93), the ultimate long-term Support.
A buy entry call is also if the 1D RSI hits its Higher Lows trend-line (now that is at 47.50 and as mentioned the RSI is a 57.686).
The DXY is consolidating but has its chances of reaching its own 1D MA50 before resuming the bearish trend, but the US10Y looks unable to break its 1D MA50, and that is bullish for Gold.
All prices mentioned on my analysis are on XAUUSD.
The fundamentals of the day are the FOMC Meeting Minutes.
If it holds its ground today, then this consolidation will most likely be a bottom formation as 1D remains marginally bullish (RSI # 57.686, MACD # 20.930, ADX # 31.342) .
Failure to break above the 4H MA50 (1,759.20), which is the short-term Resistance and a closing below 1,729.50 though, could push the price as low as the 1D MA50 (1,682.93), the ultimate long-term Support.
A buy entry call is also if the 1D RSI hits its Higher Lows trend-line (now that is at 47.50 and as mentioned the RSI is a 57.686).
The DXY is consolidating but has its chances of reaching its own 1D MA50 before resuming the bearish trend, but the US10Y looks unable to break its 1D MA50, and that is bullish for Gold.
All prices mentioned on my analysis are on XAUUSD.
The fundamentals of the day are the FOMC Meeting Minutes.