If the daily can close above the .318 retracement of this last bull cycle then it would be reasonable to assume it will test the upside again around 1367 and since the last high broke the previous cycle high, I assume this will break away from this few year long sideways range.
However, if today cannot convincingly close above that level, 1300 is the next guess, then a possible breakdown of the structure in the next few months.
By the time XAU.USD hits 1300, I believe DXY will probably have topped out of its retracement. I don't believe XAU.USD will break below 1300. A lot depends on the dollar.
However, if today cannot convincingly close above that level, 1300 is the next guess, then a possible breakdown of the structure in the next few months.
By the time XAU.USD hits 1300, I believe DXY will probably have topped out of its retracement. I don't believe XAU.USD will break below 1300. A lot depends on the dollar.