What's Happening With Gold?
Gold had a huge breakout after several weeks and moved sharply towards 2600. (Please keep in mind that I am referring to a particular CFD/spot feed for XAUUSD.)
Although the momentum remains bullish and the bearish divergence (as I posted the last time) remains intact, there is a pattern that we should now be aware of. We now have 2 ABCD patterns nearly completed on the 6-month time frame chart. There is also a multi-decade trend line that has been violated but has not been retested so far.
Technical analysis is suggesting again that whilst it remains bullish, caution must be exercised now.
Not an advice as usual.
Please support this analysis by liking, commenting, and sharing with friends, colleagues, traders, and trading communities. Thanks👍🙂
Gold had a huge breakout after several weeks and moved sharply towards 2600. (Please keep in mind that I am referring to a particular CFD/spot feed for XAUUSD.)
Although the momentum remains bullish and the bearish divergence (as I posted the last time) remains intact, there is a pattern that we should now be aware of. We now have 2 ABCD patterns nearly completed on the 6-month time frame chart. There is also a multi-decade trend line that has been violated but has not been retested so far.
Technical analysis is suggesting again that whilst it remains bullish, caution must be exercised now.
Not an advice as usual.
Please support this analysis by liking, commenting, and sharing with friends, colleagues, traders, and trading communities. Thanks👍🙂
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🔴 Training: bit.ly/vikinsacorestrategyprogram
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔵 Free Telegram Channel: t.me/VikinsaFx
🔴 Training: bit.ly/vikinsacorestrategyprogram
🟣 YouTube : youtube.com/vikinsa
🟡 Twitter: twitter.com/vikinsa
🔴 Reviews: bit.ly/VikinsaTrustPilotViews
🔴 Training: bit.ly/vikinsacorestrategyprogram
🟣 YouTube : youtube.com/vikinsa
🟡 Twitter: twitter.com/vikinsa
🔴 Reviews: bit.ly/VikinsaTrustPilotViews
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.