Gold bugs eye countertrend move to $1850
If you see the related articles, it shows we did a pretty decent job of nailing the turning points down $1800. And with gold prices having found support around its 100 and 200-day EMA's, US yields stalling near their cycle highs and the dollar in need of a pullback, we suspect another inflection point has been seen on gold.
The 1-hour chart shows a double bottom formed around 1807 before rising volumes confirmed its sharp move higher. Having pulled back to the weekly pivot, a bullish engulfing candle has formed to mark a likely higher low, and we're now looking for prices to move to the weekly R1 pivot, a break above which brings the highs just below $1850 into focus.
The 1-hour chart shows a double bottom formed around 1807 before rising volumes confirmed its sharp move higher. Having pulled back to the weekly pivot, a bullish engulfing candle has formed to mark a likely higher low, and we're now looking for prices to move to the weekly R1 pivot, a break above which brings the highs just below $1850 into focus.
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