vj20_fx

End of the Trend

Long
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
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3
GOLD has been respecting the current uptrend creating higher highs and lower highs perfectly. The last higher high created was at a major resistance level so price may struggle to break through to create another higher high. This means we could be seeing the end of the trend and possible downside movement. Price has now formed a counter-trend channel which shows buying momentum is now slowing down. Price will now move further up to 1296.00 before moving back down. Price has broken through the channel and I am now waiting for a bullish candlestick to close above major trendline to enter.