Hi traders!
Here we have yet again... our dear friend.. GOLD! (XAUUSD)
Since it ascension to 1900$/oz, gold has been retracing itself to no end. It broke it so important support of 1550$/oz and began it bearish trend. You can clearly see the MACD showing the death of the bulls. It even stayed flat the bottom for a long period of time. Somewhere, somehow.. in 2016, gold found some strength to pull of some bulls runs which have been stopped each time. I always say third times the charm. We had two serious attempts to get out of that order block (selling pressure). We will probably see a correction again to the bottom of this wedge before the final test for the bulls.
This could present a serious lifetime opportunity! If / When gold breaks the zone above, the bulls might just run with it for quite some time. This means, current prices, would be out of reach for a long time.
Ranging price aren't fun and don't create any hype. Gold isn't as popular as before... but make no mistake.. When gold decides that enough is enough, gold can move as quickly and continuously as any other forex pair.
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
Here we have yet again... our dear friend.. GOLD! (XAUUSD)
Since it ascension to 1900$/oz, gold has been retracing itself to no end. It broke it so important support of 1550$/oz and began it bearish trend. You can clearly see the MACD showing the death of the bulls. It even stayed flat the bottom for a long period of time. Somewhere, somehow.. in 2016, gold found some strength to pull of some bulls runs which have been stopped each time. I always say third times the charm. We had two serious attempts to get out of that order block (selling pressure). We will probably see a correction again to the bottom of this wedge before the final test for the bulls.
This could present a serious lifetime opportunity! If / When gold breaks the zone above, the bulls might just run with it for quite some time. This means, current prices, would be out of reach for a long time.
Ranging price aren't fun and don't create any hype. Gold isn't as popular as before... but make no mistake.. When gold decides that enough is enough, gold can move as quickly and continuously as any other forex pair.
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
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Trade active - LONG @ 1285