Gold Spot / U.S. DollarUpdated XAUUSD Consolidation Hinting
My previous analysis XAU/USD was bearish as price move down a bit but this morning things changed. I took a look at the DXY and It couldn't break an important level. I will post the analysis on the DXY later on but for now let's talk GOLD.
Let's examine the price action.
-Looking at H4 on the big picture price have been consolidating heavy and building a strong support at the 1310 level which could not be broken. The market tested three times as I plotted a horizontal support to showcase that.
- This daily candle matters a lot because most likely it should close a bullish engulfing.
- With FOMC coming up, GOLD could go either wait but the way it's rolling right now. This could be the beginning to route 1400.
I will continue to update this, when Gold is officially Bullish or Bearish
Let's examine the price action.
-Looking at H4 on the big picture price have been consolidating heavy and building a strong support at the 1310 level which could not be broken. The market tested three times as I plotted a horizontal support to showcase that.
- This daily candle matters a lot because most likely it should close a bullish engulfing.
- With FOMC coming up, GOLD could go either wait but the way it's rolling right now. This could be the beginning to route 1400.
I will continue to update this, when Gold is officially Bullish or Bearish
Note
Perfect!
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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.