MrGwall
Long

Gold is Bullish 1310-1340 Must Occur!

FX_IDC:XAUUSD   GOLD / US DOLLAR
Every long term chart such as the SPX             500 or Dow Jones has the same historical factor. Once a trend is broken it must retest the support line to decide if there will be a new trend or not. So as we can clearly see in the chart the support was broken. We must retest the support line! Now we will have two factors for the long term. However it is bullish in the medium term.
1. If we break through it the support line shall become resistance.
2. If we don't than we can officially say bearish trend has started.
Interesting, do you have any statistical analysis to know how often this rule succeeds and fails?

Or how many examples is it based on?
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MrGwall TwitChute
So far all the long term charts I've looked at this is 100% of the time
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that's amazing, how many charts would that be roughly?
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MrGwall TwitChute
I'd would say roughly 4 indexes that I've seen. However I've only looked at 4 charts so this work 4/4 times. But I am confident on this analysis and believe it shall return to 1300+ before deciding which way to go.
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Ok that is showing some promise, but quite a ways to go to be sure of its statistical relevance. I'll keep an eye out for that, thanks for the tip.
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What if (or when) US raises their interest rate. That will mean a stronger dollars which normally is bad for the gold. I'm not to sure about the gold bullish forecasts in these times..
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Yes I agree, something to look out for. However, the dollar has been strengthening aggressively recently and 1250 support holds. As such, I'm bullish biased too.
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