Gold trades back to neckline support, bullish or bearish next?
As mentioned on our previous post, Gold's momentum is expected to slow down. Price retraced back towards the inverse head and shoulders neckline which is also supported by the 50 exponential moving average (EMA) in the 4 hour time frame. A reversal confirmation at the region of neckline support will indicate a continuation of the bullish trend while a breakout of the 1740 region could push price back to the range.
As the correlation of gold and dollar is strongly inversely correlated during these trading periods, both asset classes are trading at near their key level (Gold: high / resistance, Dollar: low / support). Any breakout / continuation of the key level can signal entries between these assets.
As the correlation of gold and dollar is strongly inversely correlated during these trading periods, both asset classes are trading at near their key level (Gold: high / resistance, Dollar: low / support). Any breakout / continuation of the key level can signal entries between these assets.
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