It’s hard to say when XAUUSD will go higher but probably fair to say that it is leaving the past 6 years behind.
Observations
- 6-year resistance is a zone so it is impossible to confirm whether there is a breakout.
- That rounding bottom could be a strong bullish reversal pattern. Theory says that the longer the duration of the pattern, the higher its subsequent move. Change of hands from bears to bulls. Low-of-year has certainly gotten higher each year since 2016.
XAUUSD 2 features: rounding bottom and 6-year resistance | Chart from Tradingview.com
XAUUSD is coming ever closer to a bullish reversal and a new high that gold bulls are betting on.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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