this is an update to my gold analysis from 4 days ago, i had projected bullish bias due to a bullish pennant forming on the central line of a bullish channel.
following on from this the pennant has now evolved into a flag still signaling bullish bias, along with this price is currently holding above the psychological 2000 level and in fact formed a tweezer bottom around 15:00 yesterday, volume seems to have slowed for the time being so i wouldn't look to enter the market until it starts to pick up again.
looking at this fairly strong bullish indication im hoping price will push off the 2000 level up around 2060, however looking at the news there is no more significant data out this week which means the next report likely to give gold the push it needs to move up will be the us inflation rate report next Wednesday, either way excited to see what happens next!
following on from this the pennant has now evolved into a flag still signaling bullish bias, along with this price is currently holding above the psychological 2000 level and in fact formed a tweezer bottom around 15:00 yesterday, volume seems to have slowed for the time being so i wouldn't look to enter the market until it starts to pick up again.
looking at this fairly strong bullish indication im hoping price will push off the 2000 level up around 2060, however looking at the news there is no more significant data out this week which means the next report likely to give gold the push it needs to move up will be the us inflation rate report next Wednesday, either way excited to see what happens next!