Gold Higher Time Frame Analysis

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.



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