Medium Term prediction on Gold Spot if daily's chart candle closes above the #1804,90-#1807,90 resistance zone
As expected during the last week, Monday EU opening session provided us with low market volatility, with Gold (XAUUSD) trading within H4 neutral rectangle. The Dollar Index and US10Y also had no major movements until US session approached, when both assets started trading with losses (DX broke the H4 support of #96.129 and US10Y is not trading near the H4 resistance zone anymore), while the Gold Spot gained some momentum reaching #1.808,90-#1.811,90 H4 resistance.
My position regarding Gold Spot: if DX and US10Y continue trading with losses by the end of US session, daily chart candle should close above the previously mentioned #1804,90-#1807,90 resistance and eventually provide the perfect setup for the Cup and Handle pattern, that we expect by the end of this week.
As expected during the last week, Monday EU opening session provided us with low market volatility, with Gold (XAUUSD) trading within H4 neutral rectangle. The Dollar Index and US10Y also had no major movements until US session approached, when both assets started trading with losses (DX broke the H4 support of #96.129 and US10Y is not trading near the H4 resistance zone anymore), while the Gold Spot gained some momentum reaching #1.808,90-#1.811,90 H4 resistance.
My position regarding Gold Spot: if DX and US10Y continue trading with losses by the end of US session, daily chart candle should close above the previously mentioned #1804,90-#1807,90 resistance and eventually provide the perfect setup for the Cup and Handle pattern, that we expect by the end of this week.