TradingView
Nezah
Aug 11, 2017 4:16 AM

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

GOLD / U.S. DOLLARICE

Description

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.
More