Gold: 2017 Technicals

We are seeing a good bounce this week.

The weekly chart for 2017 looks very promising.

• RSI is turning up from hitting 30.
  
• MACD will cross in negative territory.
  
• MA50 is crossing MA200 this week.
  
• We printed a healthy correction for the 2016 rally.
  

The fundamentals for 2017 alse look promising

• DXY made a 14 year high, a serious correction is near.
  
• S&P 500 is making new all time highs on staggering earnings. (I can't believe people are buying at these P/E levels...)
  
• The FED again made a promise they can't keep.
  
• Inflation has yet to pick up.
  
• The possibility of a EU breakdown is looming
  
• European banks are facing solvability issues, politicians said another bailout is off the table.
  
• Trump is a big question mark, the only certainty is the uncertainty he brings. He's the only one that might spoil our 2017 gold party with a prolonged USD/S&P rally.
  

We need a clean and strong break of 1171 for this to work.

A happy 2017.

Trade active:

XAUUSD long@1140 SL 1122