Zoom Out View - Gold
Updated
I have seen many charts that suggest the main downtrend for XAUUSD is broken which lead to Bullish outcomes. I use log-scale for long term charts and we can see clearly the falling channel is still intact.
The 2006 uptrend was broken and tested at about 1375. Price's since then kept failing to go back to the test area and that's just the nature of it when retrace is in place. That signals a downtrend continuation.
This area since the beginning of 2016 till now has most likely been forming an Inverted Cup and Handle pattern. It still needs to breakout to be confirmed but I thought I should include it for awareness. The pattern targets areas around 900 which makes sense to test the lower band of the falling channel.
Trade well.
Cheers!
The 2006 uptrend was broken and tested at about 1375. Price's since then kept failing to go back to the test area and that's just the nature of it when retrace is in place. That signals a downtrend continuation.
This area since the beginning of 2016 till now has most likely been forming an Inverted Cup and Handle pattern. It still needs to breakout to be confirmed but I thought I should include it for awareness. The pattern targets areas around 900 which makes sense to test the lower band of the falling channel.
Trade well.
Cheers!
Note
Gold hit the upper band of the falling channel. This is a two-week chart so candles can be viewed clearly. Note
Rising Wedge is forming awaiting breakout. Note
Note
Note
New Bear channel daily time frame. Note
Note
Gold is ready for another downtrend. Note
Broke out of the triangle. Note
It's never been a free market and will never be.
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