XAUUSD: The importance of the 1W MA50 as a Support.

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
This is a comparison of Gold's Bull Cycle in the 2000s on the 1W chart with the current Bull Cycle that started with the Nov 2015 bottom. During the early 2000s the uptrend was a bullish channel with clear Lows, each one of them being higher than the previous, thus maintaining the rise.

During this uptrend the 1W MA50 (blue trend line ) has been acting as a Support setting the Higher Lows of this bullish channel . The most by which the price broke below the 1W MA50 before rising was -3.60%. On the current price action that puts the bottom at 1,405, which means that for a long term investor entering Gold again now is excellent in terms of Risk/ Reward, as long as he aims for a new Higher High (i.e. +1,700).

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