|Gold Daily Chart Source MT4|
We are Just watching on the chart of Gold Daily running in bearish trend recently rejected from 1355 levels where Gold found resistance, As we could see I have drawn a channel there on daily chart you could copy those channel trend lines on your chart to grasp the proper channel in your mind also.
The reason for god rejection was I could figure out Dw push from 23500 levels and also the rising of DXY ie USDIndex.
The Gold is not getting attraction due to safety of Dollar Index.
The Inflation also on lower Levels which I suppose main reason for gold movement.
The week ahead we have FOMC Meet where if they raise Interest rates then also USD Index would Push some higher side ans the monthly trend line also broke on USD Index futures chart .
I would like to update possible Bids of USD Index as follows
Demand Levels – 1303 1292 1288
Resistance I could see resistance is at 1320 in gold which looks hard for breaking in recent environment
Supply side is in progress as of now gold is trading at 1309 levels we are waiting for the next clues ADP which is at 200K according to forecast and previous was 241K.