We are seeing a good bounce this week.
The weekly chart for 2017 looks very promising.
RSI is turning up from hitting 30.
MACD will cross in negative territory.
MA50 is crossing MA200 this week.
We printed a healthy correction for the 2016 rally.
The fundamentals for 2017 alse look promising
DXY made a 14 year high, a serious correction is...
- Turning up from oversold levels.
- MACD crossover on the daily.
- Bounced of 0.382 fib level of 2016 rally.
New uptrend is established imo. both 7th and 14th october low bounced on a line from the december lows.
Looking for uptrend confirmation before US elections.
![XAUUSD: Gold update [Daily]](https://s3.tradingview.com/o/OrPyLOM3_mid.png "Gold update [Daily]")
