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.
- Last year's new 52-week high terminated year to year down trend between 2013 - 2015.
- 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.
- XAUSGD is clearly trading in a higher band since Q4 '16 and all of 2017 till date.
- 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.
- Traders should be looking at blue zone; based on pattern, the next step is higher.