BobbyMcGee
Short

Gold consolidation between 2016 Bull Trend and 2011 Bear Trend

FX:XAUUSD   Gold / U.S. Dollar
108 4 7
Following the NFP drop, where to next for gold? The long term bear trend has been underestimated by many, but has proven a barrier for a 2nd time. Having broken out of its June Bull Trend (just at that resistance now, not confirmed), in the coming weeks it will return to the main trend line . I expect this to occur via the Fibo retracement at 1351, which also happens to be at the 2011 Bear Trend Line . Following this we will head to the 2016 Bull Trend line and then flag and pennant , bouncing off the converging trendlines , until we get to the September FOMC. The expected no rate hike being confirmed will give the bulls confidence and we will have had the time to build up enough momentum to finally break the 2011 Bear Trend and head on up to a target in the vicinity of 1470-1490.
Bobby,
So how do you know if the Gold price will be bearish and going down this week since 2 months ago ?
Reply
BobbyMcGee albertwt
RSI analysis. The RSI trend has been weakening since July 2nd. Pretty much since it ran into the 2011 Bear trend. When it bounced off the 2016 Bull trend I did think for a time that it may have had the strength to exit up. But since mid September it became obvious again and the Weekly RSI confirmed it.
+1 Reply
albertwt BobbyMcGee
You are awesomely good at this man :-)
many thanks for the sharing and keep up the good work.
Reply
BobbyMcGee albertwt
Thanks. I am often posting my charts of shorter term RSI analysis in the gold room if you are interested. I need to take the time to publish more ideas though.
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