AS per the Forex and Commodity expert Tomasz Wiśniewski, Correction on the USD. Reversal on Gold!
Daily Gold Trading Alerts: Finally the buyers of EURUSD catch a deep breath after a huge decline of EURUSD from a strong support of 1.153. Domination of USD over the market hangs the market at the beginning of October. Sellers are preparing for the next trade war and buyer are waiting for their turn.
The price jumped with the support of 1.153, which proved to be valuable on both sides of the market. What’s the fall? We do not think so. For us, this increase is not inverted but rather just change. In our opinion, we will soon see another foot.
GBP/USD has shown the feeling of this retreat even better. Here, the current growth has been shaped like a normal correction, which is the smallest of the three recently. As a result, there should be another fall. Short positions on the cable seem safe.
The significant thing appeared in gold. XAUUSD reversed making a false breakout pattern. The great thing is that this growth is following with a strong US Dollar, which shows us that we are encountering a change in the concept of precious metals. Buy signal will trigger when the price will break the resistance of green, which was stopping the price for the past few weeks.