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:

  1. Light blue boxes paint year to year price action.
  2. Up trend from 2006 – 2011 shows series of higher 52-week highs and higher 52-week lows.
  3. 2012 was an ‘inside’ year.
  4. Down trend started in 2013 with a bearish expansion i.e. lower 52-week low.
  5. Subsequent 2014-2015 seen as sequence of lower 52-week highs and lower 52-week lows.
  6. With recent new 52-week high the day after Brexit, price terminates 2013 – 2015 down trend.
  7. We are looking at beginning of uptrend movement.
  8. 13-week, 26-week and 52-week exponential moving averages are printing.
  9. These averages describe quarterly, half-yearly and yearly movement.
  10. Whereas the 52-week ema was acting as resistance between 2014- 2015 (see inverted arrows), it is now acting as support.
  11. Golden cross of averages visible here.
XAUUSD weekly chart from Dec 2005 to present

XAUUSD weekly chart from Dec 2005 to present

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