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GOLD: reverse from the channel bottom?

GOLD: reverse from the channel bottom?

Information is not investment advice

Gold reached $1 930 at the end of last week. The question back then was whether it would break the roof of the channel or reverse to get to its bottom. It reversed. On Tuesday, it was at $1 890 testing the bottom of the channel. Although it made a spike above $1 910, it got back to the trend’s lower border. So the question now is: will it get back up to cross $1 930 and hit the other side of the channel? Very possibly, but we need to confirm the bullish reversal first.

Going above $1 900 and crossing the 50-MA would be the first step. Passing $1 910 on the way upwards would be the second step. Finally, testing $1 930 would be the third step to expect a new local high – probably at $1 950. So watch those three steps and make sure you are on the ride side of the trend.

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Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.

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