Here's a top-down technical perspective on GOLD/USD. On the weekly time frame, market operation is presently sideways at the 1752.70/1672.30 zone (magenta). But technicals still favour bulls. The sideways of price action continues to be dominant on the daily time frame. Meanwhile, bulls are presently influencing price action. If the 1752.70/1672.30 zone (magenta) is not breached either way, trading with the prevailing momentum should be a good strategy.
On the H4 time frame, price action is disposed northward, but the momentum is declining as it nears the 1752.70 horizontal resistance boundary. Bearish candlesticks were printed in the last two H4-sessions on Friday, but the last H4-candlestick was relatively insignificant and could not breach the rising trendline (blue) from recent lows. We may see bulls continue a northward move in the early part of this week, perhaps to retest the 1752.70 horizontal resistance boundary, before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
On the H4 time frame, price action is disposed northward, but the momentum is declining as it nears the 1752.70 horizontal resistance boundary. Bearish candlesticks were printed in the last two H4-sessions on Friday, but the last H4-candlestick was relatively insignificant and could not breach the rising trendline (blue) from recent lows. We may see bulls continue a northward move in the early part of this week, perhaps to retest the 1752.70 horizontal resistance boundary, before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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