Gold/USD: Technically Still Down
Guillaume Touzet | Mar 14, 2017 10:37AM ET
Gold downtrend is slowing down and seems to make a break on its way south. Yesterday's candle has closed above the blue trailing trend line (1) (2) giving a clear signal that a potential reversal could happen in the days to come.
In order to confirm a new uptrend we will need to have a break of the high from yesterday's candle (2) and also the egoldfx TrendStrength meter will need to confirm a new uptrend (see below). If the trend reversal is confirmed, we will need to pay attention at 2 resistance levels (3) based on fibonacci retracement levels: 1221.20 and 1237.50.
Now, the egoldfx TrendStrength meter is still in a downtrend configuration with the USD strength line being above the Gold strength line but they are converging (2) after bouncing on their respective bounce level 3 and 7 (1).
A cross between the two strength lines in the days to come will confirm the trend reversal identified by the break of the downtrend line as explained previoulsy.
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