Gold - A consolidation in an uptrend

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
247 5 10
Gold             has started a new major uptrend, as shown in my previous two charts linked below.

The price of gold             is currently going sideways, consolidating and testing support at 1300 level. Although the weekly chart has not reached value at the EMA Wave, the Force Index was oversold and the impulse turned green after a bullish engulfing candle, all very bullish .

Going on to the daily chart , the picture becomes more clear, a normal pattern in an uptrend, with false breakout below support. I have been long for some time, and I felt the pain twice, but gold             never broke properly below 1300. This is why I use soft stops, so I don't get stopped out like a fool on a few cents false break.

Normally, we should move much higher than this, 1400$ should prove a decent intermediate target.
Thanks for the sharing mate, does this means it will be bullish for the remaining of this year until Interest Rate is increased after USA election result ?
Probably beyond the end of this year. For me, it is clear that the interest rate is going up in December, Yellen said it as clear as she could, and the last two days the speakers from the FED reinforced her statement. The interest rate rise in December might prove to be another 18th of March moment, when she dropped the word patient, and it was the end of the dollar, so I would not count the December moment as decisive. If Fed raises interest rate, the question will be 'so what now', and the next rate hike, considering the current pace, is a long time away. If Fed does not raise interest rates, it will be a blood bath for the dollar, so in both cases, Gold should come out ahead. This is just a supposition, December is far away, it remains to be seen.
+1 Reply
albertwt vlad.adrian
Ah I see Adrian,
Some expert here also mentioned that Gold is already expensive as per this chart:
Hence it will be going lower in December or January.
I don't listen to experts, especially if they are technical analyst. Technical analysis is very subjective, unlike fundamental analysis. I prefer to stick to my system :)
+1 Reply
albertwt vlad.adrian
OK, thanks Adrian.
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