Gold is zooming.
Why?
The DXY.
As we can see on the monthly DXY chart, the developing pattern parallels history.
1. It bounced off the 200 EMA
2. It broke trend, retested, and failed
3. It collapsed
The RSI and MACD are weak
What happened to Gold last time DXY collapsed?
Trading Signals
Buy Signal: Weekly RSI lows
Sell Signal: Weekly RSI highs
See previous posts for fibonacci extension targets.
Long MGC futures Feb(G)2021
Trading is risky and should not be attempted, ever.
Why?
The DXY.
As we can see on the monthly DXY chart, the developing pattern parallels history.
1. It bounced off the 200 EMA
2. It broke trend, retested, and failed
3. It collapsed
The RSI and MACD are weak
What happened to Gold last time DXY collapsed?
Trading Signals
Buy Signal: Weekly RSI lows
Sell Signal: Weekly RSI highs
See previous posts for fibonacci extension targets.
Long MGC futures Feb(G)2021
Trading is risky and should not be attempted, ever.
Dagangan ditutup: hentian tercapai:
Technicals broke down and got stopped out (on MGC futures) but will pick it back up once there is a supportive daily candle.
As mentioned previously even though the dominate trend is more correlated with Bonds, the DXY is impacting Gold at this time. Watching for another DXY leg down followed by a sharp, temporary recovery.