Sometimes we need to make the chart as simple as possible to understand the market direction. I only use one minor trendline and one support line in this analysis.
So far, the price has already breakout and closed below the "red" line, a pretty strong indication that the market potential will be falling deeper to retest the 1760s neckline.
Tomorrow Fed Chair Powell will testify, and also we all waiting for the high-impact US data to give us more clues about the next direction of the gold price.
Catalyst:
- Fed Chair Powell Testifies
- CPI
- PPI
- Sales data
- Unemployment
- Bonds auction
Invalidation:
- This analysis fails if the price breakout and close above the "red" line
So far, the price has already breakout and closed below the "red" line, a pretty strong indication that the market potential will be falling deeper to retest the 1760s neckline.
Tomorrow Fed Chair Powell will testify, and also we all waiting for the high-impact US data to give us more clues about the next direction of the gold price.
Catalyst:
- Fed Chair Powell Testifies
- CPI
- PPI
- Sales data
- Unemployment
- Bonds auction
Invalidation:
- This analysis fails if the price breakout and close above the "red" line
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