Gold Long - Dollar Peaked, Gold Completes Retracement
If you are still bullish on the gold, try not to rush in yet.
We have seen how strong the dollar is and it is clearly oversold too, but bear in mind that the highest was 97.7.
What's interesting to know is that though the dollar has broken a new high yesterday, gold did not.
So that's a good sign for the gold that there's still demand supporting it from falling as fast as the dollar is climbing.
However, the gold will still break lower eventually if the gold continues to climb which based on the current performance, it seems that dollar can reach as high as 97.2.
So for intraday traders, you may wanna consider selling the gold later at 1312, SL at 1313 should be just fine.
And for those going for another wave of bulls, patience is needed and price level is the key.
As mentioned in my weekly analysis, I will only long the gold when the price falls beyond 1300.
By the way, 1295 is the 618 level.
We have seen how strong the dollar is and it is clearly oversold too, but bear in mind that the highest was 97.7.
What's interesting to know is that though the dollar has broken a new high yesterday, gold did not.
So that's a good sign for the gold that there's still demand supporting it from falling as fast as the dollar is climbing.
However, the gold will still break lower eventually if the gold continues to climb which based on the current performance, it seems that dollar can reach as high as 97.2.
So for intraday traders, you may wanna consider selling the gold later at 1312, SL at 1313 should be just fine.
And for those going for another wave of bulls, patience is needed and price level is the key.
As mentioned in my weekly analysis, I will only long the gold when the price falls beyond 1300.
By the way, 1295 is the 618 level.
