Have we run into a cup and handle on the yellow metal? It appeared closing in on a bullish breakout near 1772 but appears to be getting clean rejected from the upper limit. It is very likely we will break through 1728 this time after we are through the 1750-55 region opening way for a clean 350-400 pips for bears between the range 1720-1709.
Also there is a possibility that DXY might break higher from the falling wedge to further higher levels with all hawks in the federal reserve conspiring against inflation through interest rates and hawkish policies. Outcome of Jackson Hole and Powells speech today will probably mark a solid path for the gold to pave way towards lower levels. USD was probably catching breath as the end of month approached and the two major events were in queue.
Be patient, ensure proper risk management, happy trading :-)
Also there is a possibility that DXY might break higher from the falling wedge to further higher levels with all hawks in the federal reserve conspiring against inflation through interest rates and hawkish policies. Outcome of Jackson Hole and Powells speech today will probably mark a solid path for the gold to pave way towards lower levels. USD was probably catching breath as the end of month approached and the two major events were in queue.
Be patient, ensure proper risk management, happy trading :-)
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