The dust (after the FOMC statement) seems to have settled. The gains that the USD made during the week of 14 June, did not get a follow through and in fact, the USD gave back a bit last week.
As long as Gold is above 1685, I am still . On the daily I also see a between 1795 and 1760 and we are within this zone for the past few trading days. Zooming in on the H4 chart, we can see that the bears have been having the upper hand – the candles are larger and the bears have been able to quickly recover the territory they lose to the bulls.
However, the battle for control is ongoing and we can see an ascending under formation. We are making higher highs and there is a definite squeeze to the up side. If this continues, we will see the 20ema carrying price.
Bullish scenario – Currently, $1795 seems to a line in the sand but an impulsive
Bearish scenario – If the bears start to gain control of the market, we will see lower lows, a break below the 1760 level and an attack on the 1685 support.
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