Gold- do we have a bottom?
Another crazy week for gold with the price ranging 1000 pips from top to bottom.
The yellow metal started the week strong reconquering 2k psychological price, just to have a big sell on Tuesday. On Friday price made a new local low but bulls regained control and put in a nice pin bar visible on the daily chart.
A more detailed look on H4 chart reveals a false break and a double pin bar formation under 1925. Also, this consolidation and volatility seem to be narrowing and could form a symmetrical triangle.
The long term trend for Gold is clearly up and would remain so as long as 1880 is intact.
On the short term buy dips for a target of 1980 is my strategy for next week.
The yellow metal started the week strong reconquering 2k psychological price, just to have a big sell on Tuesday. On Friday price made a new local low but bulls regained control and put in a nice pin bar visible on the daily chart.
A more detailed look on H4 chart reveals a false break and a double pin bar formation under 1925. Also, this consolidation and volatility seem to be narrowing and could form a symmetrical triangle.
The long term trend for Gold is clearly up and would remain so as long as 1880 is intact.
On the short term buy dips for a target of 1980 is my strategy for next week.
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