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1ST SCENARIO: After forming an inverted Head&Shoulders pattern on the daily TF, the price retraced and reached the support of the channel with a bullish reversal candle(inverted hammer). So we'll be looking for buys above 1776.50. (potential double bottom) targeting 1800 as 1st target. DXY finished the correction wave C and is at a critical level forming either a TRIPPLE TOP or a rectangle. so a depreciation in the 10Y bonds yield following by a depreciation in the USD, we could see the GOLD reaching previous highs.
2ND SCENARIO: If XAUUSD could close below the support of the channel, we could resume the depreciation of GOLD followed by rising A bond yields.
1ST SCENARIO: After forming an inverted Head&Shoulders pattern on the daily TF, the price retraced and reached the support of the channel with a bullish reversal candle(inverted hammer). So we'll be looking for buys above 1776.50. (potential double bottom) targeting 1800 as 1st target. DXY finished the correction wave C and is at a critical level forming either a TRIPPLE TOP or a rectangle. so a depreciation in the 10Y bonds yield following by a depreciation in the USD, we could see the GOLD reaching previous highs.
2ND SCENARIO: If XAUUSD could close below the support of the channel, we could resume the depreciation of GOLD followed by rising A bond yields.