Let’s turn out attention to Gold as the technical set-up fora long here has more in support of a move with relatively high probability...certainly compared to many currencies at the moment!
Last week closed with the formation of an inverse head and shoulders on the 240 minute time frame, as Gold continued its acknowledgement of the 1200 level. This makes Gold look like a far better play than the previous week. We now have two consecutive weeks represented by a bullish pin bar reversal on the weekly chart, with the additional RSI bullish reversal divergence.
We also have this bullish reversal divergence on the daily time frame.
Traditionally, gold is extremely bullish at this time of year as we can deduce from how it has performed over the past 20 years.
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