With the sell down this week we can see we are filling a fib fan on the daily. The last two weeks proved difficult to see it. The second image shows we have a good indicator to sell on the weekly but we do need to consider the SR line of 1309. If we break that we are next to 1300 will fall down to 1265.
Look at the USD index chart to see any SR lines which will halt it’s rise in the next week. We may have a turn back up for gold.
The chart was showing a move down and it didn’t fail to print. They say the dollar rose on comments by new Treasurer but I doubt it. At this point we are seeing resistance on the chart and once volume enters the buyers (pr sellers of the USD) should also. The fib fan in the stochastic is also showing this is a strong possibility and any data tonight may also assist. Simply keep your eye on the 1ma indicator on the 4hrly and be conscious of the time.
This is a daily chart and we can see the price has been filling a fib fan as per usual despite my references to a pennant and channel. The price action is moving close to filling the fan and exhausting it’s attempt to buy up. I’m expecting a sharp fall rather soonish. Within days or next week. Don’t be fooled by these short upward movements as they may just be finishing the sideways movement. R