Gold Price: Bull candle formation helps set three-week high [Video]

Richard Perry Independent Analyst

Gold

There has been a highly questionable outlook on gold in recent weeks. Converging trendlines and a consolidation around pivot resistance $1902/$1926. However, there seemed to be a decisive shift in outlook on Friday. A decisive bull candle formation pulled gold to a three week high to close above the 23.6% Fibonacci retracement (of $1451/$2072 at $1926) which had been a basis of a key medium term pivot. This coming with a bull cross on MACD (the first since mid-June) and Stochastics accelerating higher suggests there is something building now. If the RSI can move into the 60s, it would be confirmation that the bulls are back in control. Having broken a two month downtrend, another positive candle today would add conviction to the growing positive position now. The bulls certainly need to now hold on to the price above $1902 and use $1902/$1926 as a new buy zone now. The next resistance is $1973.

Author

Richard Perry

Independent Analyst

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