As mentioned in our last article we needed a last confirmation in order to confirm technically a new short term uptrend which happened on 03/15/2017 when gold/USD moved up and broke the high (3) of the trend reversal signal candle (2). We need to be careful with a resistance at the 61.8% fibonacci retracement (+/- 1237.48) (4)
Now that a short term up trend is in effect, we will need to monitor closely with a new uptrend line.
The egoldfx TrendStrength Meter strength lines, after bouncing respectively on their bounce levels 3 and 7 (1), crossed yesterday with gold strength line above the USD strength line confirming also the new short term up trend (2). From now we need to wait and see how those strength lines will evolve. A new bounce on a bounce level 3 or 7 will send a new trend reversal alert.
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