Interesting possible pattern corelation between DXY and Gold
Gold = Candles
DXY = Blue Line
Gold printed a big Cup&Handle pattern with a neckline at around 1230.
Also DXY printed a huge Head&Shoulders pattern with a neck at around 99.25
If DXY manages to print the right shoulder (upwards move till around 102) this could send Gold down to around 1205ish levels. After that DXY should break down and Gold starts its rise upwards.
Another Possibilty:
There is also another smaller Cup&Handle formation in Gold with a neck at around 1220. If this would suit up the last downmove would be the backtest and Gold starts to rally now. Depends on the Corelation with DXY that was not given a few days ago when Gold and DXY moved up together!
Lets see which scenario plays out
Cheers out to Metal Cruisers!
Gold = Candles
DXY = Blue Line
Gold printed a big Cup&Handle pattern with a neckline at around 1230.
Also DXY printed a huge Head&Shoulders pattern with a neck at around 99.25
If DXY manages to print the right shoulder (upwards move till around 102) this could send Gold down to around 1205ish levels. After that DXY should break down and Gold starts its rise upwards.
Another Possibilty:
There is also another smaller Cup&Handle formation in Gold with a neck at around 1220. If this would suit up the last downmove would be the backtest and Gold starts to rally now. Depends on the Corelation with DXY that was not given a few days ago when Gold and DXY moved up together!
Lets see which scenario plays out
Cheers out to Metal Cruisers!