Stepping back on our Time Frames will give us a much better perspective on the strength of the trend momentum we're seeing on a Daily basis.
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EUR/USD Intraday Trading Signals Using 'Fibonacci Trends' approach for the last Week.
By using our Golden Trend Rectangle, we can clearly see that the major trend for the last, almost, 5-months has been DOWN.
Translation? The overall LONG-TERM TREND is DOWN for the GOLD Market. It would not be wise to fight this TREND!!
There is STILL a lot of buying interest in Gold, but, most of this is prompted by gold promoters.
What is the Market ITSELF telling you all these past 5-Months? Surely, not to buy but SELL!
As one grows in their market experience, they learn that uptrends occur even in major downtrends. Both up and downtrends take place within major trends in either direction.
You certainly can up your odds of Success by putting on positions in alignment with the Major Trends and in that direction of trade.
At present, we're at the upper envelope of the Downtrend Rectangle. This is a place that has a very high probability of acting as a Resistance point to further rising prices.
There will only one time that this upper rectangle downtrend line will be violated and that will be at the end of the Major Downtrend, so, the odds favor a renewed downwards move from here (as has happened before). One of these times, prices will break-thru this upper boundary line, but, don't consider that as happening until you have at least one Daily price bar having it's close and ALL of it's daily range above the upper parameter line on the Golden Trend Rectangle.
One of these times, prices will break-thru this upper boundary and continue to the upside, but, don't consider that as happening until you have at least one Daily price bar having it's close and ALL of it's daily range above the upper parameter line on the Golden Trend Rectangle. Good Luck. - George