Since 1999 resp. 2001, the USD-goldprice is in a superior upward-trend, whereas the (green) trend-channel dominates the upmove – rising relatively strongly after breaking the (red) consolidation-resistances. As the (violet) trend-channel was broken recently, a buy-signal was issued that was changed to a sell-signal with reaching the upper (green) resistance at approx. 1420. A longer-term buy-signal is given when rising above it, while another sell-signal is articulated when breaching the (green) support currently at approx. 1350 as a pullback to the (violet) support at approx. 1250 is expected then – longer-term sell-signal when breaching this important support & as well the (green) trendline directly beneath it currently at approx. 1200.
The following close-up since October 2008 shows not only a (blue) triangle, but as well a (violet) triangular price formation, whereas the first thrust to the upside (the final dissvolvement movement of a triangle; in general either a strong upward- or downward-move) took place already in front of the triangle-apex – after a breakout & subsequent pullback to the upper (blue) triangle-leg. The second triangle (violet) had its breakout in the end of April 2010 (from the violet leg at approx. 1175 to the red-dashed resistance at approx. 1250-1275), whereafter a pullback to the price-level of the (violet) leg at approx. 1175 followed until August. Since then, the price is thrusting to the upside – with the goal of breaking the high of the triangle (approx. 1250; already completed) & of the breakout (approx. 1250-1275; already completed) & to transform them via pullbacks into new & sustainable supports (not yet completed, whereas generally a pullback is not mandatory for a successful thrust to start). In October 2010, after an initial breakout above the upper (red-dashed) trend-channel, a pullback to this formerly strong resistance took place – thus, with the commencement of rising prices since then, a new & sustainable upward-trend is anticipated typically being as strong as thrusts to the upside (especially in the beginning). Hence, a longer-term buy-signal predominates since the successful completion of the pullback to the 1350-level.
The following close-up since October 2009 shows especially the recent rises above both the upper (red-dashed) trend-channels generating further buy-signals since the thrust that began in mid 2010. In October 2010, a sell-signal was issued with breaching the upper (red-dashed) support, whereas the subsequent rise above it generated a longer-term buy-signal (sell-signal when breaching this trendline currently running at approx. 1350).
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