Gold US Dollar 5Day Chart - Uptrend, Bullish, Plenty of Upside

FX:XAUUSD   Gold Spot / U.S. Dollar
Several bullish events are setup in the gold market here:
1. Range Movement is my proprietary way to calculate the TREND and it is telling me that the trend is up because it hit a new 52-week high last week. Long-side Trades set up when "range movement" hits a new high before the price does. Short-side Trades set-up when "range movement" hits a new low before the price does. Also, when the trend is up, buy pullbacks to oversold and when prices turn up from oversold.
2. The 21 period CCI has turned up from oversold (-100) several weeks ago and has not reached overbought yet.
3. The 21-MONTH downtrend has been violated based on using the line from the "highest lows". Gold is $55 above its declining trendline , which is falling at roughly $1/day.
4. The price of gold cleared a 45-day price cluster (9, 5-day bars) from 1285-1307, which is a meaningful level of supply and now that it is above that key resistance, it is now SUPPORT. So, we have a tight area to define key support and a key area to buy against to build into a long position.
5. If the price falls back under $1285, then I suggest exiting longs as this would become a "fake-out" rally.


Buy: 1316.60 last, use nothing closer than 1280 STOP LOSS.

Sell short: only if the price falls to 1280 and use a 1310 STOP LOSS.

Tim 1316.84 -1.18 last 9:34AM EST 6/25/2014

Also: Link to Technician's Chart on XAUUSD
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thank you Im convinced of your ability
+1 Reply
I must say that this level is interesting indeed. Maybe not 1307. but 1370 and around is key. above 1400 its a new leg up.
Don't ask how i got here, its in my saved tabs ;)
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