Nezah

Gold is above multi-year downtrend w/ backtested - res is close

Long
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold's breakout coinciding with some major political drama is a long-time coming. We've been in this downtrend for years. The last false breakout ended up in 3 months of pain. Bulls need to hold above the down trend line (well done on the back test) and push past the previous double top to assert continued strength. Expect volatility.

USD/JPY breaking 109.147 (yuuuuuuuuuge bigly uptrendline) is serendipitous and may be a leading indicator for bullish gold as well.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.