What do all those arrows and Moving Averages tell you about future price direction? It's a great buying opportunity? I'm somewhat new and don't understand.
I have expressed my own views, from a different perspective on the dedicated Charts / TA thread I started for this purpose, tho few seem to use the thread. Post 19683968
My Chart omitted what I see as the next pit stop as things are more moving more quickly than many expected (there may well be a runup back to new Resistance, things don't go in straight lines, and then subsequent pullback based on overhead supply) which yesterday was $1,302 (old Support becomes new Resistance), but as of tomorrow or soon after, will almost certainly be the Brexit low of $1,250.11...about to be taken out as I type at 2:00am AEST Friday.
But I will reproduce an updated one below (which doesn't belong in this thread).
So I beg to differ with your Post and Chart and author's comments (also see below)
That next pit stop is around 30 May, 2016 Chart Support, range of 1,199-1205; seems a far greater likelihood using traditional Support / Resistance. Which has worked very well during the current swing, in combination with a glaringly obvious succession of five (5) successive lower highs since July despite a flow of positive news for gold (Brexit, some dismal NFP reports, no rate hikes in '16...yet, poor PMI etc....) indicating a loss of bullish momentum, and potential chart breakdown, happening as I write these words.
BTW -why is your author not "in cash" now? He is happy sitting on paper losses, or vaporized profits?
I guess he has very deep pockets, or a long lifespan ahead, to be so cavalier, in the light of such a technical breakdown.
Thanks
XAUUSD - DAILY
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