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.
USD/CAD looks vulnerable
2021-02-10 • Updated
USD/CAD reversed down from 1.2865 last week and formed a candlestick with a long upper wick on the W1. On the D1, it was limited by the declining 50-day MA and formed a big candlestick yesterday that signals that sellers have the power to pull the prices lower. The decline below the support at 1.2680 will open the way down to 1.2650. If the US dollar recovers above 1.2705, it will be able to rise to 1.2735 where sellers will likely reappear.
Trade ideas for USD/CAD
SELL 1.2680; TP 1.2650; SL 1.2690
SELL 1.2740; TP 1.2680; SL 1.2760
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