649bruno
Long

XAUUSD: Trend Still Bullish Despite Fed, Part 1

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
38 0 5
Note-I had many technical problems getting this chart to format. There are 3 Fractal buys I could not get on the chart. They are in the two green rectangles.
This is part one of two charts for-XAUUSD. Despite the Fed-XAUUSD still remains sideways and range bound on a daily chart .
The last three Fractals (designated in the green rectangles) are all buys. There are no sell Fractals beyond mid-July.
The lower indicator on top is CHOP, it measures trending vs non-trending assets.
When the line is under the shaded area XAUUSD-is trending. Since the line is near the top no up trend is visable, yet.
I always pay attention to the indicators - especially the FRACTALS. Why?
Fractals measure the psyscologial human emotions and not technical linear movements.

So I guess I am more positive than most about-XAUUSD. After consolidation I think we go higher.
(Note-the Fractals have taught me to not get emotional. I know the Fed is erratic and in a corner. But the buyers of-XAUUSD know this also, and they are not selling).
When I see a sell Fractal I will reconsider, because the market will tell me.
Another positive is the Ichimoku Cloud , which is rising and it has a green border.
One last thought: there are two kinds of weakness. One you stay away from and one you take advantage of.
XAUUSD-is one you take advantage of.

Now please go to XAUUSD-chart number two. It is a four hour chart. Don.
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