A bullish flag pattern seems to be forming in the D1 Timeframe, currently possibly on its THIRD rebound of the bottom of the wedge.
Short Term Opportunities to watch for:
- A STRONG REJECTION AND REBOUND FROM SUPPORT @ 1680 --> possible LONG opportunity to the top of the wedge @ 1710
- A BREAKDOWN below support 1680 --> SHORT opportunity to the nearest support line @ 1637
- A BREAKOUT above 1720 would bring us for LONG to next resistance @ 1735, and beyond that, the historical resistances last touched in 2012-13, @ 1795 and @ 1909
Fundamental Analysis:
However, I would be watching the news closely as Unemployment Rates (8 May), Jobless Claims (7 May) , CORE CPI, and Fed Budget (12 May) are due for release. The US Treasury has also said it would borrow an astonishing $2.999 trillion during the June quarter, five times larger than the previous single-quarter record. (www.investing.com/ne...emic-worries-2163472)
These points to impending inflation and therefore BUYING pressure on the ultimate hedge of inflation and risk: GOLD
Just the two cents of a humble beginner trader,
Feel free to leave any comments or feedback :)
Short Term Opportunities to watch for:
- A STRONG REJECTION AND REBOUND FROM SUPPORT @ 1680 --> possible LONG opportunity to the top of the wedge @ 1710
- A BREAKDOWN below support 1680 --> SHORT opportunity to the nearest support line @ 1637
- A BREAKOUT above 1720 would bring us for LONG to next resistance @ 1735, and beyond that, the historical resistances last touched in 2012-13, @ 1795 and @ 1909
Fundamental Analysis:
However, I would be watching the news closely as Unemployment Rates (8 May), Jobless Claims (7 May) , CORE CPI, and Fed Budget (12 May) are due for release. The US Treasury has also said it would borrow an astonishing $2.999 trillion during the June quarter, five times larger than the previous single-quarter record. (www.investing.com/ne...emic-worries-2163472)
These points to impending inflation and therefore BUYING pressure on the ultimate hedge of inflation and risk: GOLD
Just the two cents of a humble beginner trader,
Feel free to leave any comments or feedback :)