Meneltar
Long

Gold downtrend breaking

FX:XAUUSD   Gold/U.S. Dollar
146 1 0
It's pretty evident that a one-minute candle which caused the fake breakout on 20th of July is not achieving the speculated effect.
Just seconds after this price action shock, the gold             jumped from 1070$ back to 1110$.
Obviously many knew that gold             is not going to go much bellow 1130 and thus saw this sudden drop as a good opportunity to buy.

Now the price action did slide down in a steady downtrend from that moment, but not as much as many would expect after such a drastic break of important support level. Today this downtrend is falling apart with price action breaking the resistance line and forming a new upward hagopian (pink line).
However the tradingview XAU/USD             chart doesn't show the whole picture so here is how the real candle pattern looks like:
https://charts.mql5.com/8/427/xauusd-m15-forex-capital-markets-2.png
I had to draw a missing candle onto tradingview chart.

In addition to all the technical signs, we also had a very USD-positive Durable Goods news release, yet it didn't cause XAU/USD             to break the hagopian.
Meneltar
a year ago
Here is a more detailed chart.
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