XAU - Gold - Double Bottom - Throw Over - Back in the Wedge

31. März 2021

Very interesting day today - chart shows a double bottom - the second of two throw overs re-entering the wedge quickly - lets see if we can hold the wedge today and stay for a few days - the technicals are indicating there is a good chance we are at a turning point. Proof will be in breaking north of the wedge, which looks like an increasingly likely possibility. Fundamental reasoning may be that the market is beginning to realise that the Fed is going to be printing trillions more with the Biden admins infrastructure etc. spend.... USD also looks under pressure today and is against the rising channel of my previous chart - it should turn down from here to support the XAU case.