Gold (XAUUSD) The Long-term trend is up

Gold (XAUUSD) The Long-term trend is up

After breaking the orange (dotted line) channel at the opening of the first market day of the beginning of the year, the gold daily chart fell sharply on the same day when the US Non-farm Payrolls data was announced on the 1/8th, falling back to the orange dotted channel, but still on the long-term upward track (Gray dotted channel).

By the Moving Average System, the current price is just between the annual line (MA200) and the quarterly line (MA60), which is considered to be in an embarrassing stage of no ups and downs, and a convergent triangle appears in the short-term form, as shown in the yellow triangle, which seems to be waiting Up/down breakout trend.

The long-term perspective, the current price is above the Gray dotted channel. Therefore, there is a higher chance of mid- to long-term growth. However, if the price clearly falls below the yellow triangle, holders of long positions should stop loss.

Conclusion: The med-term and long-term rise opportunities are higher. If the price breaks up/down suddenly in the short-to-med term, a breakthrough chase long/short chase strategy.

Jan.26.2021
Reliability: 10-20 Market Days.