The small divergences on the US Dollar & Euro played out for minor trend reversals which caused /GC (gold futures) to break the 1718 support & backtest the triangle from above, offering another objective long entry as per last week’s analysis. Previous (Friday’s) and today’s updated 60-minute charts below.
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- GC 60m 2 May 8th
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- GC 60m May 11th
Likewise, GLD (gold ETF) is backtesting the triangle following last week’s breakout, thereby offering an objective long entry or add-on with a stop somewhat below.
GLD 60m May 11th
Those small divergences that formed following last week’s breakout in /E7 (Euro futures) ended up playing out for a near-term pullback that has taken the Euro back to the breakout level. Ditto for /DX ($US Dollar futures) but in reverse, as the Dollar & Euro move inversely. Friday’s & today’s updated 60-minute charts below.
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- E7 60m May 8th
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- E7 60m May 11th
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- DX 60m May 8th
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- DX 60m May 11th
