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What To Make of Gold’s Bullish Move

What To Make of Gold’s Bullish Move

Tyler Yell, CMT, Currency Strategist

Talking Points:

-The Big Technical Picture of XAUUSD

-Trading Triangles

-Gold’s Make or Break Points on the Charts

A parabolic move is a term that defines something that moves straight up. After the FOMC decision yesterday, XAUUSD has been on a bullish parabolic move.

Learn Forex: XAUUSD Went Parabolic Close to Fibonacci Resistance

What To Make of Gold’s Bullish Move

Presented by FXCM’s Marketscope Charts

The Big Technical Picture of XAUUSD

XAUUSD, or Gold, has been on a steady downtrend since peaking out in late 2011. The corrections against the downtrend have been short-term in time and price relative to the downtrend. When looking at expiration of a correction or reversal of a trend, you often want to look for a break of a prior corrective high. XAUUSD has yet to do that, which brings up the potential for a resumption of a downtrend or another pattern worth discussing.

Looking for price action breaks is a key way to look to price action alone for trading signals. If you’d like to learn more about trading off Price Action alone, you can register for our FREE online course here.

Learn Forex: Weekly Gold Chart

What To Make of Gold’s Bullish Move

Presented by FXCM’s Marketscope Charts

Trading Triangles

Triangles can be a frustrating technical formation to trade. The main purpose of a triangle is to chew up time until either the bulls or bears take over with smaller and smaller moves until a breakout forms. If you stand back and connect the recent extremes from June ’13, you can see that XAUUSD may be tracing out a triangle. One key note about triangles is that they often correct the prior trend and provide one last breather before a move finishes. Therefore, the prior downtrend would favor a triangle break lower, but not before the potential for much higher prices in the yellow metal.

Learn Forex: Potential Triangle Formation on XAUUSD

What To Make of Gold’s Bullish Move

Presented by FXCM’s Marketscope Charts

Gold’s Make or Break Points on the Charts

The near-term momentum currently favors Gold bulls. However, if a triangle is truly in play then there are three key levels you should be aware of to see if XAU is soon to turn around back down or break much higher. However, there are levels below that you should know as well.

What To Make of Gold’s Bullish Move

As you can see, the key levels are taken from a mixture of price action extremes or fractals. Fractals can be a great way to build a bias for your swing trading. Other key levels above are taken from Fibonacci levels from the past key range. Today, XAUUSD has traded at its highest levels since mid-April, which will bring about a lot of excitement but as traders, you have to keep your head straight by focusing on key levels holding or breaking on a longer-term chart.

Now that you know these key levels on XAUUSD, feel free to test them out on a free FXCM UK Demo account.

Happy Trading!

---Written by Tyler Yell, Trading Instructor

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.