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Daily analytical report (07/02/19)

  • First up is gold, where we were mistaken, at least in the short term. We had a bullish outlook, and I thought that the price would use the 1,307 USD/oz as a support. Unfortunately for the bulls, the price broke that support and is currently heading lower. My initial setup got cancelled but that does not mean that the bullish sentiment is completely gone. The price is still above the mid-term upwards trend line (blue) and is currently in a flag pattern, which should result in a further upswing. 1,297 USD/oz looks like a good support here. On the other hand, we have a head and shoulders formation above the orange area, which is already up and running. This formation is small, though, so the potential drop resulting from it should not be lethal.
  • Next is the US Dollar Index, where the price is showing the beauty of a false breakout pattern. After that, we usually should have a strong movement in the opposite direction and this is actually what is happening here. What is more, yesterday DXY broke the upper line of the wedge, which can be considered as confirmation of the buy signal.
  • Last up is USDCHF, which has broken a super important horizontal resistance. After the breakout, that area was successfully used as a support. Thursday brings us the highest levels since the 16th of November. The buy signal is ON!

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