Gold 200ma
Finally broke it after weeks of consolidation… and it couldn’t hold it for more than a few hours. Not good. Lots of things breaking down today
Finally broke it after weeks of consolidation… and it couldn’t hold it for more than a few hours. Not good. Lots of things breaking down today
Terrible. On a longer term note, I’ve been pointing out the Cup & Handle on the USDJPY daily/weekly. According to cup & handle rules, as long as the handle holds the 50% retracement from top to bottom (109.00), the cup & handle is still valid. Well the support at 110.30 is pretty strong (maybe central bank backed?) and today’s reversal candle doesnt make the future look bright for gold. But long USDJPY looks pretty bright now. Of course, gotta stay open minded as fundamentals change but this is how it looks now.
Yeah. The key is to break and hold above 112 on usd/jpy or not. There is a very powerful long-term trend line there which was the breakdown of a topping pattern. The fight will be between 112 and 110.30… that will determine its longer-term fate and gold. Also the $ looking much stronger today after jumping over the 50 MA which was previous resistance