Long term outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
*the display of the angle instrument is a bit buggy but you can understand what I want to show*

I tried some kind of logical and technical analysis on the long term movements since 2013.

It seems that we are in a long term "sideways" market moving in a flag formation which gets tighter over the time. Until the peak of the flag it seems to respect these borderlines for a systematic movement between them.

In this point of view we are going to meet 1178 again and then moving up to our old 1300 zone.


in my opinion price could be broke 1178.. because it already tested 4 times.. could be down move false breakout on around 1128 then go long.. but if broke 1128 area could be downtrend .. it's just my OP though :)
Reply benayaadhi
Thank you for sharing. Absolutely, everytime it tests the 1178 zone there will be a potential for breaking that area. I would not deny that. But in my opinion Gold respects technical borderlines very well and I think market has to be very fast or something has to happen on the world to support a break of the 1178 zone.
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