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XAUUSD (Gold vs.USD) Technical Analysis

Last year,  in  July 2016 Gold did make an impressive high at 1375.04 (spot price only) during Brexit and Post Brexit event. After that, it was falling down in corrective waves and tried to make a next high( around 1337.20) again during the President-ship election in USA in Nov 2016 but just reached 1337.20 USD/ounce and fell . After that, it was falling again with an extension in the C leg  against the greenbacks and did make a low at around 1122.51 in the end of Dec 2016. In Jan 2017 Gold has been bought massively and continuing it has made a high  at 1260.95 USD/ounce recently. A further higher high it probably fails to perform and the 5th wave should be finished here; and in a technical point of view,  we see that there is almost the same situation in Aug 2016, in which Gold could not perform it 5th impulsive wave successfully, and finally went to a corrective wave and heading downwardly; along with that downward trend we draw a projected trend-line in (with) gold color until today, then the spot price of gold met its peak.

In the below chart, more details about the technical point of views about Gold you can find at the depicted chart for your reference:

Trade well!

 

m2m

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