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This is the current range for XAUSGD

Traders/investors should be looking at XAUSGD blue zone now. Next step higher. Look for signal i.e. end-of-quarter close above 1800 which is better than best performance (Q3 2016) since 2013.

 

This is a 3M chart for XAUSGD from 2011 to present.

XAUSGD 3M chart from 2011 - present

XAUSGD 3M chart from 2011 – present | Source: Tradingview.com

 

Observations:

  1. Last year’s new 52-week high terminated year to year down trend between 2013 – 2015.
  2. In the line chart below, we can see clearly that below the horizontal line at 1668, there was a sideway pattern. Now that XAUSGD is firmly above this line, that was a bullish reversal pattern.
  3. XAUSGD is clearly trading in a higher band since Q4 ’16 and all of 2017 till date.
  4. An end-of-quarter close above 1790 – 1800 will outperform Q3 last year (best end-of-quarter performance since 2013) and put XAUSGD in a bullish continuation mode.
  5. Traders should be looking at blue zone; based on pattern, the next step is higher.

Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’.

“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.

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