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 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...
Stop level: 1332/31