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.
USD/JPY: selling may continue
2020-09-18 • Updated
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range. The levels of 105.00 and 105.30 will now act as resistance. At the same time, we can’t say that the US dollar is oversold already: the Awesome Oscillator on the D1 shows that there’s scope for the further decline. The natural level to target if the pair slides below yesterday’s low of 104.50 will be the minimum of July 31 at 104.20.
Trade idea for USD/JPY
SELL 104.50; TP 104.20; S: 104.65
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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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