Gold – Awaits breakout from falling channel likely
- Dollar’s failure to latch on to post NFP gains led to a sharp recovery in gold from intraday low of $1334.90 to $1370.
- Gold’s sharp recovery from $1334.90 if followed by a bullish break from hourly falling channel (on hourly closing basis) would suggest the minor corrective rally has ended and could yield a test of $1380 (38.2% of 2011 high-2015 low) in the coming week.
- On the lower side, it would take a day end closing below $1329 to signal end of the rising trend.
Related publications
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.