Gold/CADLong
XAUCAD turns back higher after hitting channel support
Updated
XAUCAD has been moving inside an upward channel since Jun 2013. If you measure in CAD, gold has been in a slow bull market for the past 4 years.
Prior to this time, the channel support was hit 4 times, in Dec 2013, Dec 2014, Dec 2015, and Dec 2016. (Coincidence?)
Now 2 weeks ago in early July 2017, XAUCAD hits channel support again, and immediately bounced back up. The long term structure still holds.
Unless the channel is broken, the recommended strategy is to long this pair.
Prior to this time, the channel support was hit 4 times, in Dec 2013, Dec 2014, Dec 2015, and Dec 2016. (Coincidence?)
Now 2 weeks ago in early July 2017, XAUCAD hits channel support again, and immediately bounced back up. The long term structure still holds.
Unless the channel is broken, the recommended strategy is to long this pair.
Note
As expected, XAUCAD has been very bullish. Trend is clear on graphNote
At the moment, I cannot find a more clear channel than this one in any other pair. Such a self-evident ideaNote
XAUCAD slowly turns higher. Channel support is now above $1600 CAD
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