What lies ahead for gold?
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
EUR/USD has failed on the upside
2019-12-20 • Updated
Last week EUR/USD met resistance of the descending 50-week MA (currently at 1.1188). On the D1, we can see that the pair has failed to close above the 200-day MA for every single day since it touched this line on December 12. On Wednesday, the pair closed below the December support line. An attempt to regain higher levels on Thursday was not successful. With the daily Awesome Oscillator trying to make a top, we see the considerable risk of the price sliding down to 1.1080 (50-day MA). The next support is at 1.1065 (100-day MA). Resistance is at 1.1150 and 1.1188.
Trade idea
SELL 1.1105; TP 1.1080; SL 1.1115
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The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
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