Gold is Bullish on the Long term

OANDA:XAUUSD   Gold Spot / U.S. Dollar
As expected, the #1,540.80 Daily Rectangle semi-Support worked again as a rejection point and Gold reached #1,540.80 on one single Daily candle. Equally sharply, it rebounded on a Hourly 4 candles, indicating the strong Support presence at #40’s levels. If DX holds the #97.00 Daily Support and Stocks pause their Bullish channel , Gold should test #1,570.80 soon enough. I need to point out again that on the Short term Gold is still Neutral and to expect Daily volatility . For Longer term traders, the trend is still Bullish so a practical suggestion would be to Buy every dip to the Rectangle's Resistance within $10 (which I am utilizing to it's maximum). On such pace it is not impossible to close the week on marginal losses (now -0.20%). The monthly candle however remains on a mere -0.11% and below #1,540.80 is a negative close, so practically the Bullish trend is unchanged. Gold is trading on my predicted values. With a big collapse on every hourly Doji star proved a false Bear/Trap pattern yesterday and today. All technical indicators point for more hourly rise and there are no Sell flags on the charts as a reversal is not expected before #1,535.80. I will continue to get Buy signals on any level above the pivot and current price and I will not consider any Selling with weak Bonds. Remember, every Gold fall is a great Buy opportunity with this outlook. #1,535.80 Support break invalidates my pattern.

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In the long term it is bullish but we havent seen any consolidation or signal for finished correction

+2 Reply
algoffar DK_Investment_Consulting
@DK_Investment_Consulting, yes you re right correction is nt finish yet. But for short term there is confirmation to go up
Good luck
@algoffar, I agree with the short term up movement but only till 1550 $ area - from there I expect again stronger down movement to drawn long term buy area
+1 Reply
You are the best
+1 Reply
goldenBear88 tradertrain
@tradertrain, Many thanks!
Nice one bro
Keep it up
+2 Reply
@algoffar, Thanks for your input!
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