Gold - XAUUSD - possible end of the multi year Bear market
Updated
XAUUSD - Gold :
Might be at the edge of the multi-year bear trend.
Formation looks really bullish on the weekly + Daily chart.
Watch the "Important area" mark, if it breaks with strength we should get a nice run.
Also watching the RSI on the Daily chart for more conformation of a fueled bull run / scalp short trigger.
It also confluences with the global recession fears and the slowdown in China. It would also fit the bigger picture of a USDOLLAR which had a very dramatic and rapid break down the last couple days.
This is kinda a longer term outlook to work with and to keep in mind. But if the stock markets completely break apart in a dramatic dump Gold should be the next safe-heaven for a longer bull-run.
Might be at the edge of the multi-year bear trend.
Formation looks really bullish on the weekly + Daily chart.
Watch the "Important area" mark, if it breaks with strength we should get a nice run.
Also watching the RSI on the Daily chart for more conformation of a fueled bull run / scalp short trigger.
It also confluences with the global recession fears and the slowdown in China. It would also fit the bigger picture of a USDOLLAR which had a very dramatic and rapid break down the last couple days.
This is kinda a longer term outlook to work with and to keep in mind. But if the stock markets completely break apart in a dramatic dump Gold should be the next safe-heaven for a longer bull-run.
Note
Momentum picking up still and it just spiked through the "important area" and wen into the bullish break out zone.If you caught a long keep from lower, this could be a really good long term trade if you are not on high leverage.
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