Gold - Downtrend over

FX:XAUUSD   Gold/U.S. Dollar
247 4 10
It looks like the multi year downtrend has ended for gold             . We are now in an uptrend on the weekly chart. Now, all there is left to do is finding entries on the daily chart .

After a wonderful rally, Gold             got a bit crazy and then showed a class A bearish divergence back in March. Since then, price returned to value where it rejected with a very nice morning star candle formation. Since then, Gold             has been moving sideways, but the minor swing low held tight. I think Gold             is going to go higher from here, although the fact that the breakout level has not been tested properly and the H&S price formation make me cautious. If we do go lower, I would still look for longs at 1190.
IvanLabrie PRO
9 months ago
The H&S look might be a trap...commercial traders are net shor for now, but wouldn't surprise me if it rallies from here first, before tempting the 'H&S' crowd.
Tim West posted this one earlier today, looks quite good.
Nice work mate.
vlad.adrian PRO IvanLabrie
9 months ago
Thank you!
m4riovolp3 PRO
9 months ago
wait for NFP
vlad.adrian PRO m4riovolp3
9 months ago
NFP is not comming for some time, and I am not a news trader
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