Gold is going up as megatrend captures both trend and momentum
|Gold technical analysis
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Move up as expected.
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I am holding the long position.
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Bullish trend slow but steady.
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Above M H3 we will see WH5.
MEGATREND MAs: Bullish
D1 chart Gold
1. Order block support.
2. Double pin bar entry confirmation.
3. W H5 first target.
4. M H4 Final target.
GOLD has made a great bounce after the US CPI yesterday. At this point we can see that GOLD is bouncing after double pinbar confirmation. It is also W H3 confluence so the move is to the upside of course. Megatrend has captured trades perfectly and you can check my gold trades in the link below. It is also RISK OFF mode now. Targets are 1804 followed by 1816 and eventually 1839. But have in mind that the first target needs to become support in order for gold to proceed higher. Same is for the second target.
Yen strength
1. Risk-off sentiment.
2. Gold up.
3. Commodities prices down.
4. Equities down.
5. Yen strengthens as a result.
Additionally the US CPI has fallen on a yearly basis 6.1% predicted to 5.9 % result. It means we will probably see a 0.50 % rate hike and not 0.75 % as many were prediction. This is of course, my personal opinion.
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