Ascending triangle confirms reversal of downtrend from spring 2018. 3/1 gann retracement level rejected price movements to continue triangle pattern. There are 3 structures in the fractal; current repetition has one structure that differs from the first repetition, the 3rd structure, which we are currently completing. The difference is that the trend lines are diverging instead of converging before an upward movement, but this doesn't mean the fractal isn't still in effect. This difference has also split the upward movement (large orange arrow) into two smaller upward arrows. These two differences cancel and the fractal is still in effect, especially considering the following: all the structures are located at the same height relative to each other in the previous fractal instance and the current one. XAU also bounced on the 1222 level, which it has done many times already and even recently dipped below to 1214 but rose back up to where we are now, indicating fairly solid support.
Democrats took the house during midterms, adding more risk aversion to the markets meaning more positive pressure for gold.
DXY has downward momentum at the moment as well, adding further positive pressure for gold.
XAU will move up to around 1250 soon.
Democrats took the house during midterms, adding more risk aversion to the markets meaning more positive pressure for gold.
DXY has downward momentum at the moment as well, adding further positive pressure for gold.
XAU will move up to around 1250 soon.
