Gold Monthly Analysis

FX:XAUUSD   Gold Spot / U.S. Dollar
462 2 8
Since Feb 2013, the bears have been in control and ended the major upswing that took place throughout the crisis.

However, 2014 wasn't exactly a grea trending year as the first calls for an end to QE grew louder. In short, we had quite a bit of choppiness despite an overall bearish sentiment. One thing to note is that ADX has consistently dropped ever since the start of this bearish run.

The range I'm focusing on is 1128 on the lower end, and 1300 on the higher end. A breakout of this range would be a good signal for more trending. Personally, I favor shorts and think we'll head towards 1000 eventually...but as long as we are stuck in this range I'm not really after longer trend plays like that.

Oh, and there's a bearish candlestick pattern that just popped up too ;)
Good rendering of an old system.
+3 Reply
TradeApe QuantitativeExhaustion
Thanks :)
+2 Reply
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