We have a defined low that comes in at 681.58
The previous low @ 772.95 was traded below. The sell stops that were protecting those long positions were traded into with this new low (681.51)
After this new low was created price action impulsively moved away in bullish momentum, to do what?....
Hit the buy stops that were created @ the previous short...
since December 1 2002, gold has been going in an uptrend.
September 1 2011 stared a 4 year downtrend
price began to consolidate in December 2015 before it began to rise above old highs created back in September 2011
December 2015 into jan 2016 you can see a morning star pattern form followed by an impulse move to the upside and break of structure
the market...
Looking at previous structure of price for AUD/USD I have marked on this chart
my higher highs, higher lows for previous bull trend as well as lower lows and lower highs for bear trends (D & 4H) with the rectangle blue boxes
January 15 2016 prices reached a low at 0.6829
deep re-tracement a few months later May 2015 20-June 02 Price retraced at 0.7163 ...
