- April 17, 2023
- Posted by: Tradingshot Articles
- Category: Commodities
This is Gold (XAUUSD) on the 1M (monthly) chart where the long-term direction is best seen. Apart from the fast that it has been rebounding on the 1M MA50 (blue trend-line) since October, we can see that it has been trading within a Pitchfork, treating each trend-line as Resistance/ Support. At the same time, it gathers buyers every time the 1M RSI hits its Higher Lows trend-line and starts strong rallies when the MACD makes a Bullish Cross. The last such cross was completed on March.
This indicates that every short/ medium-term pull-back on Gold doesn’t affect a strongly bullish long-term trend in a market that based on the Pitchfork has incredible upside potential.