Tuesday, 17 November 2015

Time to be bullish Gold?

Is it time to be bullish Gold? At least for the short or medium term? You must make up your own mind, but below I've presented two reasons why I think Gold's low for the year could be already in.

Reason (1) weekly chart shows that Gold has a history of holding above significant lows when an initial retest looks likely several months later.

Daily chart illustrates reason (2) the bullish Elliott Wave structure from the July low. The oversold RSI is an additional warning that a low is close, though either a clear bullish divergence or rally from the oversold zone is needed in my books to interpret this indicator as a bullish edge.