Not Everything That Shines is Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold is turning up from a couple of weeks downward trend. Looking at the weekly chart, it looks like the commodity is trading in a channel of it’s just bounced off a two-year major support. If this is true, that gold is trading in a channel then this is a good opportunity to go long within the it. However, on the daily chart we see that gold has been on a downward trend and it’s only now it’s starting to turn. Also, looking at the reaction of Gold in downward trend channel, we see a similar response to the current trend reversal. In that response the commodity mainly traded side ways and then continued it’s fall. In this regard, I don’t see enough to believe that this is the bottom of a new upswing, this might be more a reaction to the increase level of noise in the economy now. Also, the volume in the 9-day moving average is showing slowing down, which is more evidence that this isn’t a reversal. Lastly MACD has shown lower highs and I’m not seeing enough in that signal to think this is a reversal.


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