Big Move coming (Bias: Bullish)
I have seen several analysis of Gold in a bullish channel. I used that channel as well but just thought of this different picture which again looks slightly more bullish then bearish.
The red circles are anomalies meaning the price tried to establish outside the wedge but Gold got back into the channel. We also had an anomly in March obviously, however these anomalies are more technical. Meaning first we broke to the downside, but got the correction back up. Bulls got so confident and thought they could break out immedialty. That's when we last saw the 1960 level.
Leading to NOW: Bears are running out of steam, after 4 days of bearish consoliditon Bears did not break Monday's low, while EUR/USD made a new monthly low and DXY is strong across all currencies. Now I'm not saying we won't go lower. Maybe we will see the 1800 level next week. However, I think a test of the upper resistance line is coming. A break above that would result in testing all time highs.
The red circles are anomalies meaning the price tried to establish outside the wedge but Gold got back into the channel. We also had an anomly in March obviously, however these anomalies are more technical. Meaning first we broke to the downside, but got the correction back up. Bulls got so confident and thought they could break out immedialty. That's when we last saw the 1960 level.
Leading to NOW: Bears are running out of steam, after 4 days of bearish consoliditon Bears did not break Monday's low, while EUR/USD made a new monthly low and DXY is strong across all currencies. Now I'm not saying we won't go lower. Maybe we will see the 1800 level next week. However, I think a test of the upper resistance line is coming. A break above that would result in testing all time highs.
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