It seems that the downtrend of Gold has found its end.
First, Gold left the negative trend channel (red) to the side. And it has stayed outside since.
Second, RSI is rising with some volatility.
Third, MACD is rising and trigger is about signal.
Actually the bears and bulls are fighting around the long desending trend line.
Don´t think that this fight will be ended very soon - perhaps we´ll have to wait some days.
But, since Gold has reached the last low at 1160$ it has been in a parrallel trend channel which has crossed the other pattern. Gold is still in this ascending trend channel (green). Some sidewards movements aren´t signalling a change in the recover. Only in the case Gold is leaving this positive chart pattern to the bottom the recover will be finished and the bears will have won.
The next aim is to break the resistance (falling trend line, blue) and then to stay clearly above 1.200$. At 1215$ we find our next resistance (swing trend line).
In longer term the aim is the resistance at ~ 1255$ where we find 2 fib retracements (going down: 23.6% / going up: 61,8%).
This is no trading advice.
First, Gold left the negative trend channel (red) to the side. And it has stayed outside since.
Second, RSI is rising with some volatility.
Third, MACD is rising and trigger is about signal.
Actually the bears and bulls are fighting around the long desending trend line.
Don´t think that this fight will be ended very soon - perhaps we´ll have to wait some days.
But, since Gold has reached the last low at 1160$ it has been in a parrallel trend channel which has crossed the other pattern. Gold is still in this ascending trend channel (green). Some sidewards movements aren´t signalling a change in the recover. Only in the case Gold is leaving this positive chart pattern to the bottom the recover will be finished and the bears will have won.
The next aim is to break the resistance (falling trend line, blue) and then to stay clearly above 1.200$. At 1215$ we find our next resistance (swing trend line).
In longer term the aim is the resistance at ~ 1255$ where we find 2 fib retracements (going down: 23.6% / going up: 61,8%).
This is no trading advice.