I've found an interesting correlation between gold and EurUsd. Gold seems to be determined by the USD in the previous days. I'm watching especially the correlation between the most important currency pair (EurUsd) and gold.
I think when EurUsd breaks out of the falling wedge next week , gold will also print a bounce up to the 50 EMA (4hrs chart) and maybe to the 100 EMA.
This short bounce should last for 4-5 days and might give us a nice oportunitiy to short gold again from 1240-1250.
I think when EurUsd breaks out of the falling wedge next week , gold will also print a bounce up to the 50 EMA (4hrs chart) and maybe to the 100 EMA.
This short bounce should last for 4-5 days and might give us a nice oportunitiy to short gold again from 1240-1250.
Note
Notice the convergence. EurUsd might be breaking the trendline. I changed the trendline from the wedge to a channel - the channel will give the breakout signal later.
Note
Last week we couldn't hold the 10 & 20 EMA. Though today's volume is low it would be very important to hold the 20 EMA by the close on the hourly chart.We broke below the 28.03. DCL in the night but price came back . I didn't see too many stops below this march DCL . I think a few banks and funds will be positioned in gold for the next years at this level.
The 10 EMA seems to be holded so far.
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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.