GOLD - LONG: MONTHLY TREND LINE TOUCH!

TECHNICALS

1.
- Price has broken through so many trend-lines/bullish set-ups/patterns this past year its ridiculous
- However after all this it has finally come to touch an extremely long term ascending trend-line on
the monthly chart which may finally be the point of reversal
- This trend-line originates in 2005 so is 13 years old!
- This would also be the 4th touch of this trend-line

2.
- The 50 fib retracement of the bullish move from 01/12/2015 - 01/07/2016 intersects with the long
term Monthly trend-line giving more strength to the touch

3.
- The level it is at on the RSI chart at the moment, is the level at which the previous major reversal on 01/12/2016 occurred
- This could lead to a reversal once again as it coincides with both the touch of the trend-line and the 50 fib re-tracement level

4.
- The lower Bollinger band limit also coincides with the trend-line and Fib re-tracement level

Appreciate any thoughts/comments,

Thanks for reading,

James