Mihai_Iacob

Gold- Bottom in place?

Long
OANDA:XAUUSD   Or / Dollar Américain
Since the beginning of May Gold has been in a down-trend, losing more than 1500 pips from its value.
However, looking at the bigger picture and seeing the forest from the trees, the structure remains strongly bullish in the long term.
Also, the fall from ATH is drawing a falling wedge pattern and a resumption to the upside should follow.
In the short term, we have a spike under 1900 and after the test of 1930 zone resistance, Gold found a bottom again above 1900.
In conclusion, I'm bullish as long as 1900 is intact and I expect a new test of the 1935-1940 resistance zone.
Also, a break of this zone would expose important 1980 zone resistance.
On the other hand, a break under 1900 would not make me bearish, just delay this scenario

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