Zoom Out View - Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
I have seen many charts that suggest the main downtrend for XAUUSD             is broken which lead to Bullish outcomes. I use log-scale for long term charts and we can see clearly the falling channel is still intact.

The 2006 uptrend was broken and tested at about 1375. Price's since then kept failing to go back to the test area and that's just the nature of it when retrace is in place. That signals a downtrend continuation.

This area since the beginning of 2016 till now has most likely been forming an Inverted Cup and Handle pattern. It still needs to breakout to be confirmed but I thought I should include it for awareness. The pattern targets areas around 900 which makes sense to test the lower band of the falling channel .

Trade well.
Comment: Gold hit the upper band of the falling channel. This is a two-week chart so candles can be viewed clearly.
Comment: Rising Wedge is forming awaiting breakout.
Comment: New Bear channel daily time frame.
Comment: Gold is ready for another downtrend.
Comment: Broke out of the triangle.
You are shorting gold out of the advancing phase of a new IC. Surprises will be to the upside. Sooner or later your tunnel vision of being a PM bear will wreck your account.
That's a pretty sexy looking chart.... :-)
Bandarsq webmiztriz
@webmiztriz, only sexy ones know what sexy is :)
@Bandarsq, ... ;o)
kinda looks like a big*$$ inverse head & shoulders..... hmmmm
+1 Reply
Bandarsq webmiztriz
@webmiztriz, I don't think it's IHS. this sideways is more of a Re-distribution phase.
@Bandarsq, tis a hard fall ahead then .... dang .. either way ... chaaaaChing ;o) thx Matie :-D
Bandarsq webmiztriz
@webmiztriz, USD is doing great ;)
Very nice my friend!
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