This chart screams new trend for XAUUSD
Really don’t see how XAUUSD is down trend/has not reversed
This is a weekly chart of XAUUSD from December 2005 to present. Salient points:
- Light blue boxes paint year to year price action.
- Up trend from 2006 – 2011 shows series of higher 52-week highs and higher 52-week lows.
- 2012 was an ‘inside’ year.
- Down trend started in 2013 with a bearish expansion i.e. lower 52-week low.
- Subsequent 2014-2015 seen as sequence of lower 52-week highs and lower 52-week lows.
- With recent new 52-week high the day after Brexit, price terminates 2013 – 2015 down trend.
- We are looking at beginning of uptrend movement.
- 13-week, 26-week and 52-week exponential moving averages are printing.
- These averages describe quarterly, half-yearly and yearly movement.
- Whereas the 52-week ema was acting as resistance between 2014- 2015 (see inverted arrows), it is now acting as support.
- Golden cross of averages visible here.