XAUCAD trade ideas
Good entry as XAUCAD near channel support againXAUCAD has been moving inside an upward channel since Jun 2013. If you measure in CAD, gold has been in a slow bull market for the past 4 years.
Remember in early July 2017, XAUCAD hits channel support and immediately bounced back up. The long term structure still holds.
This is almost the same situation as 1 year ago, which was described in my linked trade idea which turned out to be highly profitable.
Unless the channel is broken, the recommended strategy is to long this pair.
XAUCAD turns back higher after hitting channel supportXAUCAD has been moving inside an upward channel since Jun 2013. If you measure in CAD, gold has been in a slow bull market for the past 4 years.
Prior to this time, the channel support was hit 4 times, in Dec 2013, Dec 2014, Dec 2015, and Dec 2016. (Coincidence?)
Now 2 weeks ago in early July 2017, XAUCAD hits channel support again, and immediately bounced back up. The long term structure still holds.
Unless the channel is broken, the recommended strategy is to long this pair.
