Gold is bottoming
This chart pattern shown by the two trend lines lines in green is a 'falling wedge', it is a bullish pattern indicating price will move higher. Oscillators such as stochastic have been oversold on the monthly chart, now also diverge to price action. This divergence indicates price action should most likely attempt to rally, or alternatively go sideways in distribution but not collapse further at this time.
Since the year 2011, gold has retraced 50% of its upward move which lasted from 2000 till 2011. Gold has fallen into a support trend line, shown in grey. Its early to make a call on this being the ultimate bottom, gold is likely to rally from its current level of $1,139 to at least $1,215 which would be the upper trend line of the wedge. I will hold long and add if price action signals further upside.
Since the year 2011, gold has retraced 50% of its upward move which lasted from 2000 till 2011. Gold has fallen into a support trend line, shown in grey. Its early to make a call on this being the ultimate bottom, gold is likely to rally from its current level of $1,139 to at least $1,215 which would be the upper trend line of the wedge. I will hold long and add if price action signals further upside.
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