gorillacharts
Long

SHORT-TERM BULLISH GOLD AFTER HAMER CANDLE

FX_IDC:XAUUSD   GOLD / US DOLLAR
With lousy and direction-less equity markets today - Europe rollercoaster, US hibernating - let's take a look at Gold             . The precious metal yielded a near-perfect bullish hammer candle today. I usually like to see those at the end of a longer downtrend, but would never want to ignore a hammer, when I see one.

My longer-term technical work suggests a fresh bull cycle for commodities and Gold             , and with that in mind, today's hammer becomes more interesting.

Fundamentally, is this is a hint at dovish Yellen in Jackson Hole? Let's see...

Targets: 1374

Stop level: 1332/31
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