Gold reached Key Low Support For a Pivot
Generally we see a picot at this support retest. Seemingly we see this in play on the four hour chart.
MACD indicator checks as MACD/SIGNAL are finding common support and not looking for an initial cross to pursue the 0 line. RSI is making a huge sweep out of the oversold zone as a strong pivot begins.
I mapped out a consolidation zone within this level that could play as a pivot zone given the DXY strength. Recently we saw a slight downward gap in DXY that was quickly filled in frantic. However this could be a looming sign for a break in the greenbacks strength.
On an off note we can see Bitcoin soaring while the Greenback has been strong. We can correlate that when Gold is going up Bitcoin and DXY are going down and vice versa.
Please comment with thoughts and ideas. thank you.
MACD indicator checks as MACD/SIGNAL are finding common support and not looking for an initial cross to pursue the 0 line. RSI is making a huge sweep out of the oversold zone as a strong pivot begins.
I mapped out a consolidation zone within this level that could play as a pivot zone given the DXY strength. Recently we saw a slight downward gap in DXY that was quickly filled in frantic. However this could be a looming sign for a break in the greenbacks strength.
On an off note we can see Bitcoin soaring while the Greenback has been strong. We can correlate that when Gold is going up Bitcoin and DXY are going down and vice versa.
Please comment with thoughts and ideas. thank you.
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