XGD (ASX Gold Sector) 23/03/2016.

As far as the price action behaviour of XGD (ASX Gold Sector) is concerned, it is rangebound (congested) in the medium term, within a major uptrend, looking at this XGD Daily Chart. Resolution out of this congestion area ( Trading Range) would more than likely determine the direction of it’s next move, UP or DOWN.

In TA, when stuck in a trading range, one may utilise the SUPPORT and the RESISTANCE of that range for short term  trades. Zone of 3200 is an important support level on the down side and 3600 – 3750 resistance zone on the up side.

I would like to see the DASHED UP TREND LINE drawn in BLUE respected in  order to maintain my long term bullish bias with XGD.

XGD Daily Chart below.

xgddaily

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