Gold's monthly bias has shown a sustained downtrend over time with price respecting the long term downward trend line. XAUUSD kept at this level for 2 months before showing signs of producing a lower high.
Based on values given from the indicators the price has already bounced of the pivot and shown divergence on the RSI with a bounce emerging from RSI trend line.
Fundamentals in agreement with technicals, as observed with my DXY trade in which the dollar had fallen to my monthly level at the point where bullish dollar news was received from the US consumer confidence release.
May this be an indication of dollar strength and an end to the decline for the next weeks to come?
Possible double top to occur before falling, entry price place at top.
Stop loss placed above previous swing high.
TP levels subjective at key levels.
Based on values given from the indicators the price has already bounced of the pivot and shown divergence on the RSI with a bounce emerging from RSI trend line.
Fundamentals in agreement with technicals, as observed with my DXY trade in which the dollar had fallen to my monthly level at the point where bullish dollar news was received from the US consumer confidence release.
May this be an indication of dollar strength and an end to the decline for the next weeks to come?
Possible double top to occur before falling, entry price place at top.
Stop loss placed above previous swing high.
TP levels subjective at key levels.