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Ahead of the key testimony tomorrow from Yellen, which will decide the near term fate of the USD, Gold made a bearish downside break. The move occurred mid day and took out a daily trendline as well as a key 61.8 fib retracement. However, the below chart shows the metal managed to rally back and close above the trendline and fib retracement.
Such moves are very typical and referred to as 'fake-outs' which usually happen before a big move. With Gold setting up for a larger potential bullish move, is it providing some forward guidance for the USD tommorow?
Such moves are very typical and referred to as 'fake-outs' which usually happen before a big move. With Gold setting up for a larger potential bullish move, is it providing some forward guidance for the USD tommorow?
