Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
GOLD: bullish 'Engulfing' pattern
Information is not investment advice
The market has been rising since a 'Tweezers' pattern formed at the lower 'Window'. Also, there's a bullish 'Engulfing', so it's likely that the price is going to reach the upper 'Window' (1331.05) in the coming days. If a pullback from this level happens next, there'll be time for a downward correction in the direction of the previously tested support at 1292.71.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?