FXOpen
Tuesday will be an interesting day for determine how strong (or weak ) the dollar are.
The US consumer confidence is forecasting 78.60 from 78.10.
A Positive result will be a good opportunity to short Gold.
According to Trading Central the downside is the major trend.
"Gold spot Intraday: the downside prevails.
Pivot: 1328
Our preference: Short positions below 1328 with targets @ 1296 & 1279 in extension.
Alternative scenario: Above 1328 look for further upside with 1342 & 1350 as targets.
Comment: the immediate trend remains down and the momentum is strong."
Technically, the chart shows a bullish pattern which is good if you are wishing to long gold before to short it again in an appropriate time.
Last week, the yellow metal dropped due a very strong USD. Perhaps, we shall consider more drops, but it is interesting to observe such pullbacks too.
Pattern: Bullish
Pivot: 1324/oz and 1328/oz
Stoch: Oversold
Main Trend: Bearish
Main Resistance zone: 1324/oz
Main Support zone: 1308/oz
Main events for Tuesday:
US Consumer Confidence
US New Home Sales (MoM)
US 4-Week Bill Auction
ECB President Draghi's Speech
German IFO – Current Assessment
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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