XAUUSD: Clear Breakout of 7 Month Trend
Hello All,
Gold had a nice run to $2000 last year after the march COVID drop. Since then, It has been bouncing in a downtrend channel. That had changed when XAU broke out of its trend on Dec 16, 2020.
Since then, it's consolidated above that and retested it as support. I have shown all the rejections in red pointers.
The Relative Strength Index tells a similar story. It has also broken out of its downtrend and recently confirmed alongside with the price action.
The stochastic RSI has plenty more to run as well.
The FED still has not stopped printing. Inflation keeps getting bigger and bigger. Debt is now 170% to GDP.
Gold will react in a very bullish manner. Its just delayed.
Please Comment and like!
Thank you all for reading my idea (:
Gold had a nice run to $2000 last year after the march COVID drop. Since then, It has been bouncing in a downtrend channel. That had changed when XAU broke out of its trend on Dec 16, 2020.
Since then, it's consolidated above that and retested it as support. I have shown all the rejections in red pointers.
The Relative Strength Index tells a similar story. It has also broken out of its downtrend and recently confirmed alongside with the price action.
The stochastic RSI has plenty more to run as well.
The FED still has not stopped printing. Inflation keeps getting bigger and bigger. Debt is now 170% to GDP.
Gold will react in a very bullish manner. Its just delayed.
Please Comment and like!
Thank you all for reading my idea (:
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