GOLD Technical Analysis Suggests Long Bias

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
I would like to keep this post strictly Technical because Technical Analysis cannot be debated the way investors debate Gold             as an investment from a fundamental perspective. There are numerous technical indications that Gold             will rally. First would be trend resistance from the 2/1 Level of the Gann Fan along with the recent bounce off the ~$1050 Support level . The 2/1 Gann Trendline is based on the highs of the 15 year uptrend Gold             has experienced. The next indication would be the completion of the D leg of the ABCD Pattern . Fibonacci speed resistance fan offers no significant resistance levels within close proximity. Finally RSI Divergence gives us the final long signal. As always if this TA helped you please leave a like and comment your thoughts. Happy Trading!
chart does not look the same as mine but same conclusion. Great job!
+1 Reply
IceTrading papeeeboy
@papeeeboy, Thank you!
It is a long ride/hang on in for this expected move to 1300??
+1 Reply
Thank you for the ABCD technical.Is the time scale likely??Alan Simpson
+2 Reply
IceTrading AlanSimpson
Timescale is difficult to predict but for the most part yes it is likely
Good one, I would have used lowest high to highest low for the Gann 2/1. Very good line to monitor after a peak. You picked the right starting point though, most people consider the structure to the left to be part of this whole rally, I don't.
+1 Reply
IceTrading IvanLabrie
Thanks Ivan
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