Gold over US dollar Forecast
Gold over the US dollar rallied after the double bottom at 1680$ for an ounce and closed weekly candle right below 100 day EMA, Which gives a possible trend reversal sign but there is still some resistance seen at uper level of downtrendline which suggest to be very careful with taking positions. SL is advised to set at breakout zone while taking short opportunity. Fundamentals still look weak for xau/usd as US economic data numbers turned out green and strong which make this rally dubious and may be a bull trap. For longer term if it retest and breakdown double bottom line then i can confidently predict we are going deep down to 1300s level. Im taking shorts here with target 1720 at least.
Goodluck with your trades
Goodluck with your trades
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