A rebound in the daily demand zone is very important for gold. This is because the rise can continue only when it is propagated as a daily rising wave.
If the rebound fails, a daily downward wave may begin.
If so, since gold goes to the weekly correction process of the upper time period, it may continue to decline until the weekly demand zone is found.
DXY is expected to reach the daily supply zone today as the initial pattern to the upside has emerged. It's good to see the market action after that.
good luck.
If the rebound fails, a daily downward wave may begin.
If so, since gold goes to the weekly correction process of the upper time period, it may continue to decline until the weekly demand zone is found.
DXY is expected to reach the daily supply zone today as the initial pattern to the upside has emerged. It's good to see the market action after that.
good luck.
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Since the rebound failed in the daily deman zone, it is likely to go down even if it rises. In other words, it is expected that there will be a weekly correction process. Until GBPUSD reaches around the daily demand zone, the dollar will not come down and will continue to rise, so gold is unlikely to rebound until then.
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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.