• Recent decline in the Gold seen as corrective rather than trend reversal
• Major trend still up, reinforced by the ascending trend line since Nov 22
• Also we have an ascending parallel channel, also intact
• Bulls will try to defend the channel support line, today at 1977 (very close to today's low)
• Gold moves according to overall sentiment and is negatively correlated to the US Dollar
• As the USD has been rallying for the last 2 sessions, this resulted in the Gold trading back below but close to 2000
• Till now, declines are seen as buying opportunities in my opinion and chances are we are going to see the previous high at 2070 re-tested before seeing any major trend reversal
• Major trend still up, reinforced by the ascending trend line since Nov 22
• Also we have an ascending parallel channel, also intact
• Bulls will try to defend the channel support line, today at 1977 (very close to today's low)
• Gold moves according to overall sentiment and is negatively correlated to the US Dollar
• As the USD has been rallying for the last 2 sessions, this resulted in the Gold trading back below but close to 2000
• Till now, declines are seen as buying opportunities in my opinion and chances are we are going to see the previous high at 2070 re-tested before seeing any major trend reversal
Ramzi Abou Abdallah, CFTe, CMT
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♦️ t.me/accu_trading