Due to fundamental reasons (trade tariffs, sudden currency devaluation of the Yuan and stock market crash) impulse wave 5 of Gold has broken through the blue doted resistance trend-line and is near its ATH (Gold/EUR chart).
However, there are 3 other strong resistance lines:
- dashed violet resistance trend line (currently around €1360.-)
- horizontal ATH...
A possible Longterm selling opportunity on XAUEUR after the false break and the retest (4h). In the daily and weekly timeframes, the WXYZ correction pattern seems to be complete on 78.6% Retracement area.
*NB: On a daily chart there is a bearish engulfing candle and divergence on the RSI signaling high probability to the downside.
COMPARE THIS WITH XAUUSD WHICH...
Looking for break out and attention to reversal candlestick formation!!
If the market breaks out at the resistance 1282.60, potential bullish trend continuation.
If the market breaks down, outside of the ascending triangle we will target the support level of 1241.56
Gold has broken out of its resistance trend line (yellow doted line) which will soon be tested as new support.
On H4 TF there is bearish momentum on StochRSI and wave trend oscillator which will bring the price down again to the yellow doted line.
Bullish momentum on 1D TF has built up (see StochRSI, and bullish crosses on wave trend oscillator and MACD) which...
A very rare extremely bullish signal on the 1M chart of #Gold - a GOLDEN CROSS (50/100 MA) is approaching on Gold/EUR chart which will cross beginning or mid Sep 2019.
(Note: On the USD chart the cross will occur approximately 1/2 year later)
This is one of the biggest bullish signals and which can indicate an extended bull market for the next 10 years!...