'Cheeky' long from gold's double bottom?
We've found an interest setup on gold's 1-hour chart. A double bottom has formed just above the weekly pivot point, with a slightly higher low forming a bullish engulfing candle.
Moreover, the cycle low was seen on high volume and strong negative delta (far more sellers than buyers on that 1-hour candle). And this suggests bears could be trapped around that cycle low, and could be forced to close and send prices higher, if prices fail to breakdown or move higher from here.
The bias is bullish above the 1945.5 and looking for a run to 1965 or 1970.
Take note of the daily shooting star candle, but for now the path of least resistance appears higher over the near-term.
Moreover, the cycle low was seen on high volume and strong negative delta (far more sellers than buyers on that 1-hour candle). And this suggests bears could be trapped around that cycle low, and could be forced to close and send prices higher, if prices fail to breakdown or move higher from here.
The bias is bullish above the 1945.5 and looking for a run to 1965 or 1970.
Take note of the daily shooting star candle, but for now the path of least resistance appears higher over the near-term.
Trade closed: target reached
