One month ago I dared to call my Gold update "Major reversal," but I have enough reason for that. Today I prepared a short term daily chart with the focus being on the first bullish move and its correction.
Chart courtesy of Tradingview.com
Like a tree starting from a sprout, the new trend starts from the first counter trend move that has its threshold at the end of July. Gold's price has gained a weighty 9% (almost $100) in one month and has stalled at the $1170 level ahead of resistance. The gold market has been treading water within the 1077/1110 range for two weeks in a row and it looked like another consolidation was going to happen before the new drop down. But, surprisingly the price broke the upper bound and quickly cut through the $1100 level. It then had a small four-day break before it made the final jump to the $1170 level. This is the first serious counter trend move which I have labeled as the large green AB segment. Continue reading "Gold Update: Bulls Have The First Confirmation"
