Bullish Rectangle broken throughout yesterday's EU session
Even though the Gold Spot had decent upswing throughout the yesterday's early EU session (forming Ascending Rectangle ), with Price Action breaking the h4 1.808,90-#1.811,90 resistance and both correlating assets DXY and US10Y trading with the appreciably losses, the Gold Spot found it's resistance on 1.817,90.
As discussed during my previous analysis and as the h4 candle closed above 1.808,90-#1.811,90 resistance zone , I engaged the buying order towards 1.828,90, but ended up closing the position with 2 points loss, as the Dollar Index found and rebounded it's strong support on 96,000, while the US10Y also lost it's momentum and ended up rebounding the 1.460% support level . Bullish Rectangle was also broken, which represented decent selling opportunity.
Aftermath, as usually, Price Action traded with loses, breaking the 1.800,90 psychological barrier and it finally reached 1.790,90 support/resistance , where buyers took their part and brought the price action above the previously mentioned psychological barrier. DXY showed no correlation with Gold Spot today, so huge focus is currently on Bond Yields.
I expect low market Volatility till the end of the week, waiting for the important fundamental reports/events planned for the next week.
Even though the Gold Spot had decent upswing throughout the yesterday's early EU session (forming Ascending Rectangle ), with Price Action breaking the h4 1.808,90-#1.811,90 resistance and both correlating assets DXY and US10Y trading with the appreciably losses, the Gold Spot found it's resistance on 1.817,90.
As discussed during my previous analysis and as the h4 candle closed above 1.808,90-#1.811,90 resistance zone , I engaged the buying order towards 1.828,90, but ended up closing the position with 2 points loss, as the Dollar Index found and rebounded it's strong support on 96,000, while the US10Y also lost it's momentum and ended up rebounding the 1.460% support level . Bullish Rectangle was also broken, which represented decent selling opportunity.
Aftermath, as usually, Price Action traded with loses, breaking the 1.800,90 psychological barrier and it finally reached 1.790,90 support/resistance , where buyers took their part and brought the price action above the previously mentioned psychological barrier. DXY showed no correlation with Gold Spot today, so huge focus is currently on Bond Yields.
I expect low market Volatility till the end of the week, waiting for the important fundamental reports/events planned for the next week.