Gold projection analysis highlights $2,263 as a medium-term swin
DXY (USD Index) - the index completed a bullish 5 wave count at the 104.15 swing high. We are now assessed as being in a corrective sequence lower. We have a barrage of support between 103.38 and 103.24. The projected support for the AB leg of a Bat formation is located at 103.41. The immediate bias is mildly bearish but with dips to be bought.
The USD index is negatively correlated with Gold. That would suggest further upside pressure for the yellow metal.
Gold - although we posted a doji-style candle on March 21, I can see no technical reason for a change in the bullish trend.
The daily chart highlights the trend of higher highs located at $2,263. Bespoke support levels are located at $2,154, $2,085, and $1,983. Using $2,263 as a projected top offers a bearish Elliott Wave count (5 waves) to these important levels.
The intraday chart highlights the next substantial upside barrier being $2,203. This would be the completion of the AB leg in a Crab pattern.
Conclusion: I can see no technical reason for a change in the bullish trend. If the USD Index is at the 103.38 support when Gold reaches the $2,203 resistance, it would offer a short-term selling opportunity (within the corrective BC leg to the downside).
Resistance: $2,203 (projected AB), $2,223 (all-time high), $2,263 (projected swing high)
Support: $2,154 (bespoke), $2,085 (bespoke), $1,983 (bespoke)
The USD index is negatively correlated with Gold. That would suggest further upside pressure for the yellow metal.
Gold - although we posted a doji-style candle on March 21, I can see no technical reason for a change in the bullish trend.
The daily chart highlights the trend of higher highs located at $2,263. Bespoke support levels are located at $2,154, $2,085, and $1,983. Using $2,263 as a projected top offers a bearish Elliott Wave count (5 waves) to these important levels.
The intraday chart highlights the next substantial upside barrier being $2,203. This would be the completion of the AB leg in a Crab pattern.
Conclusion: I can see no technical reason for a change in the bullish trend. If the USD Index is at the 103.38 support when Gold reaches the $2,203 resistance, it would offer a short-term selling opportunity (within the corrective BC leg to the downside).
Resistance: $2,203 (projected AB), $2,223 (all-time high), $2,263 (projected swing high)
Support: $2,154 (bespoke), $2,085 (bespoke), $1,983 (bespoke)