GOLD: On the down trend still despite upside adjustment
Where do we stay in the gold trend? What is the state of play? That is a question.
With the EUR well on the last days, there was a natural , I would say mechanical lift up of XAUUSD in USD terms.
However, the trend is still on the downside.....
On the graphic, there is three trend line, all of them are showing the same direction.
The long term trend line is now well bellow the short term and medium term trend line. Which means in my studies and technique that GOld should break the three trend lines before confirming and upside and a trend reversal.
Yet on RSI there is no sign sign that XAUUSD will reverse.
Nor on ICHIMOKU . The CCI's orientation is at the downside as well.
The headline goal remain either 1180 or even bellow. One needs to see a clear schedule concerning FED's increase of interest rate and inflation risk before going long on XAUUSD
With the EUR well on the last days, there was a natural , I would say mechanical lift up of XAUUSD in USD terms.
However, the trend is still on the downside.....
On the graphic, there is three trend line, all of them are showing the same direction.
The long term trend line is now well bellow the short term and medium term trend line. Which means in my studies and technique that GOld should break the three trend lines before confirming and upside and a trend reversal.
Yet on RSI there is no sign sign that XAUUSD will reverse.
Nor on ICHIMOKU . The CCI's orientation is at the downside as well.
The headline goal remain either 1180 or even bellow. One needs to see a clear schedule concerning FED's increase of interest rate and inflation risk before going long on XAUUSD
