We have a high probability that recent correction in Gold and Gold miners will be reversed into Bullish move. First above is Gold weekly chart. Please notice that our Cup and Handle bullish formation is still in tact. RSI is neutral and close to the base of previous move up, MACD is neutral, Slow STO is above 60. So far bullish candle is forming this week. We need to look at daily picture below to find out more clues on market sentiment.
Here is daily chart of Gold: picture even more clear on positive side: Bullish combinations of candles: End of range yesterday and Bullish White Hammer today, observation is supported by Slow STO at Buy and RSI turning positive. MACD is in neutral. On recent correction move MA50 was tested and Hold so far. In the bull market Gold shares should lead gold in its move.
Gold Bugs Index daily is positive of all our observations: Two very bullish candles - End of range yesterday and Hammer today, Slow STO is at Buy, RSI at base of previous move Up, MACD is forming buying base. MA50 was tested, violated intraday, but we closed today at it, if tomorrow close will not violate it we can have confirmation of reversal. We have identical picture below with XAU with even stronger candles when MA50 was not violated even intraday.
We have a high probability that recent correction in Gold and Gold miners will be reversed into Bullish move. First above is Gold weekly chart. Please notice that our Cup and Handle bullish formation is still in tact. RSI is neutral and close to the base of previous move up, MACD is neutral, Slow STO is above 60. So far bullish candle is forming this week. We need to look at daily picture below to find out more clues on market sentiment.
Here is daily chart of Gold: picture even more clear on positive side: Bullish combinations of candles: End of range yesterday and Bullish White Hammer today, observation is supported by Slow STO at Buy and RSI turning positive. MACD is in neutral. On recent correction move MA50 was tested and Hold so far. In the bull market Gold shares should lead gold in its move.
Gold Bugs Index daily is positive of all our observations: Two very bullish candles - End of range yesterday and Hammer today, Slow STO is at Buy, RSI at base of previous move Up, MACD is forming buying base. MA50 was tested, violated intraday, but we closed today at it, if tomorrow close will not violate it we can have confirmation of reversal. We have identical picture below with XAU with even stronger candles when MA50 was not violated even intraday.
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