finbits
Long

GOLD is going to test monthly downtrend

FX:XAUUSD   Gold / U.S. Dollar
74 0 0
Bullish engulfing formed on FX:XAUUSD             monthly chart near the lower Bollinger band .
Price can test 20 period MA, and then monthly trend line near 1180.
After that it can revert and test 200 period MA in few months, and there might be a bottom of the downtrend.
According to some historical observations, GOLD             is bottoming in the years of presidential elections in US, and it can be confirmed in 2016.
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