Gold - long term update - important price action incoming

OANDA:XAUUSD   Gold Spot / U.S. Dollar
-After the rise at the beginning of the week, the gold price has lost value strongly again today after the global stock indexes have risen and many speak of an end of the second correction wave of the stock markets. An upward rally in the stock markets would depress the gold price.

-Currently the market is at a very important support level through horizontal support as well as trend lines and fibonacci 38. 2 retracement level.

-RSI is near trend line support, if it stays above the trend line this brings the buyers into the market as this is a bullish confirmation. A breakdown under trend line support is an strong sell signal.

-Market price retraced several times from Ichimoku which is bearish indicator but the Ichimoku baselines have crossed bullish and this is a more powerful indicator. If the orange line remains above the green, this is a long confirmation for next week. A breakout above the Ichimoku clouds will bring big buy volume into the market.

-Market volume continues to go lower which indicates in generell down trend continuation.
May 18
Trade active: Short Trade active
Jul 31
Trade closed: target reached

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