Inflation numbers are coming tomorrow so beware for extreme volatile gold market. This Time I think it is going to break through the ascending trend line but only time will tell. also two confirmation on the technical side we should pay attention to is, if one the chiko span is going to cross the candlesticks. And the second if the kumo b is pointing up those...
my previous analysis has been confirmed so now there is a more chance of an uptrend. the next scenario is if the descending line wil be broken, who knows?
dxy will be going through a storm so will the economy
As we have seen gold did break down the ascending channel due to correlation with us bonds, however a resistance should be tested. Option 1: gold will retest the strong support at 1782 an go the next resistance level and take profit with a nice risk to reward ratio Option 2: gold will break the support zone and you should exit the trade with a nice risk management.