XAUUSD rounding bottom and 6-year resistance

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

  1. 6-year resistance is a zone so it is impossible to confirm whether there is a breakout.
  2. 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

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.

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