Gold- Outlook for 10-15 July

Last week was a good one for Gold bulls with a new reversal from the 1900 zone.
Looking at the posted chart we can see that the drop from ATH is in a falling wedge pattern at this moment there are high chances for the correction to be complete. Also, both reversals from 1900 are Morning Star candlestick formations, indicating also a reversal.

On the weekly chart, we have 2 nice long-tailed candles which add to the resumption of the upside idea.

In conclusion, I'm bullish for next week as long as 1900 is intact and a break above 1935-1940 zone could lead to a rise at 1980

Yorum:

After a short lived dip today, Gold reversed back to the day's open price reinforcing my bullish idea and the long term trend resumption