XAUUSD Reversal
Hello traders.
Today's news for weak USD and falling yields impacted on this huge move for gold.
I 've change my point of view for the pair due to this vigorous price action.
But such a big candle means that the price has being fueled with big orderblocks and in someway left a 'gap' back.
I expect at least 50% retracement which will be a great entry point for long continuation as my first path line indicates (169x area).
What is more, the price may correct lower to 1683 area as for the retest which will be again great for buy (neglect in this case the resistance).
In a daily perspective, the bearish trendline has been violated and retested!! Which meant nothing until the moment of Gold bullish price action indicating reversal.
DXY has still further space for lower lows. Treasury yields too.
P.s. it may correct a little e.g. 1705 area and continue straigh up. My overall targets are 1730 - 1761-1802.
With such power I believe the recent supply of 1730 level will be past in the coming days. Important news from USA coming so keep an eye.
Awaiting your feedback!
Goodluck everybody!
Today's news for weak USD and falling yields impacted on this huge move for gold.
I 've change my point of view for the pair due to this vigorous price action.
But such a big candle means that the price has being fueled with big orderblocks and in someway left a 'gap' back.
I expect at least 50% retracement which will be a great entry point for long continuation as my first path line indicates (169x area).
What is more, the price may correct lower to 1683 area as for the retest which will be again great for buy (neglect in this case the resistance).
In a daily perspective, the bearish trendline has been violated and retested!! Which meant nothing until the moment of Gold bullish price action indicating reversal.
DXY has still further space for lower lows. Treasury yields too.
P.s. it may correct a little e.g. 1705 area and continue straigh up. My overall targets are 1730 - 1761-1802.
With such power I believe the recent supply of 1730 level will be past in the coming days. Important news from USA coming so keep an eye.
Awaiting your feedback!
Goodluck everybody!
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