The recent dovish remarks by the Federal Reserve prompted the dollar index to fall, and gold continued to rise. And coupled with Japan’s continued intervention in the market, the US dollar index has also been falling continuously.
The price of the D1 chart has formed a double bottom pattern, and at this stage, the price is challenging the key resistance level of 1665 above. If it breaks through this resistance level, the price is expected to rise again. And it can be seen that the MACD indicator and the price have formed a bottom divergence pattern.
The price of the H1 chart is currently consolidating in a specific area, and the H1 chart has also formed a triangle pattern. If the price breaks above the triangle, it is expected to continue to rise.
Go long on lows and short on highs. Long-term wait for the price to break below or break above to enter the trade.
All transactions involve risks, the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.