It looks like Gold made a major bottom. That is great, but fundamentally, Gold is under a lot of pressure, so I believe that all we'll get is a small rally. If I am wrong, and the rally will be stronger, 1400$ is the next strong resistance.
On the chart, we have divergences on the MACD lines, histogram and Force Index. They all point to higher prices, but they have been pointing to higher prices at the beginning of the year also. They did rally, but not enough to signal a trend change.
Look at the anatomy of the current leg down. It took much more time to complete. Long legs are not very bullish, but the divergence is still there, so it is still bullish.
For the coming months I expect to see Gold priced higher. For the next couple of weeks, I would love to see a daily re-test of 1177 - 1200$. I would take a position over there.
On the chart, we have divergences on the MACD lines, histogram and Force Index. They all point to higher prices, but they have been pointing to higher prices at the beginning of the year also. They did rally, but not enough to signal a trend change.
Look at the anatomy of the current leg down. It took much more time to complete. Long legs are not very bullish, but the divergence is still there, so it is still bullish.
For the coming months I expect to see Gold priced higher. For the next couple of weeks, I would love to see a daily re-test of 1177 - 1200$. I would take a position over there.
