OWLINGOLD

XAUUSD Bullish signs

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
After the triple bottom pattern and piercing the downward trend line a week ago, XAUUSD successfully finished the throwback. The new support is the neckline of the triple bottom. Usually, we take the pattern's height ( from the bottom to the neckline) and project it after the neckline breakout. Yesterday's candle had a long lower shadow, meaning the bulls are now in control. If this move is just a retracement of the downtrend ( looking like a zigzag correction), the move will be between 50 and 61.8% of Fibonacci retracement levels. If the correction surpasses these levels, probably we'll be talking about a new bull market in XAUUSD.

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