GOLD: 'Shooting Star' at the 'Window'

GOLD: 'Shooting Star' at the 'Window'

Information is not investment advice

There's a 'Shooting Star', which has been formed at the 'Window', but confirmation of this pattern isn't enough. In this case, it's likely to have a local downward correction towards the support by the last 'Evening Star'. The subsequent pullback from this level could lead to another bullish price movement in the direction of the next resistance at 1356.58. This level could be a starting point for a deeper correction to the previously tested support at 1301.14.

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Levels for trading USD/CAD

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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