AU has just made another tap to the trend line that has been respected since the first of this year, another higher low indicating we are still in an uptrend on AU even though on an hourly time frame we are trending down.
-the monthly uptrend trumps the hourly down trend now that we have touched the trendline.
-hourly we have still failed to break the previous high which indicates a double bottom will form before taking another long position.
- every tap to this trendline has had a double bottom before reversal.
-this 4 hour candle will probably end with a doji and will reverse down to at least the 61% retracement before i take my profit.
-the trendline also lines up with a halfway point of two major price points. .75000
- us dollar is way oversold and is due for a pullback before going up again which lines up with the short term au short and then long.
-the monthly uptrend trumps the hourly down trend now that we have touched the trendline.
-hourly we have still failed to break the previous high which indicates a double bottom will form before taking another long position.
- every tap to this trendline has had a double bottom before reversal.
-this 4 hour candle will probably end with a doji and will reverse down to at least the 61% retracement before i take my profit.
-the trendline also lines up with a halfway point of two major price points. .75000
- us dollar is way oversold and is due for a pullback before going up again which lines up with the short term au short and then long.
Comment:
^ addendum to last comment. i meant to say us dollar is way oversold but has more room to rise before the fall. thus causing au to drop before the long.