Dropping down to a daily timeframe and interestingly enough we are seeing a death cross pattern in a complete contradiction of the weekly. This in part could also explain the failure by Gold bulls to fully capitalize on the slide in the DXY this week. Friday’s daily candle is on course for a doji close (at the time writing) which could be a sign of some early week pullback with the first area of support around the 1950.964. A break lower here and we could be in for a retest of the 4H support 1936.652 area. (0.382% daily fib ret)

Given the mixed signals on the weekly and daily charts a break higher from here will have the resistance area around the $1963.622.

By Admin

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