Gold - Downtrend over
It looks like the multi year downtrend has ended for gold. We are now in an uptrend on the weekly chart. Now, all there is left to do is finding entries on the daily chart.
After a wonderful rally, Gold got a bit crazy and then showed a class A bearish divergence back in March. Since then, price returned to value where it rejected with a very nice morning star candle formation. Since then, Gold has been moving sideways, but the minor swing low held tight. I think Gold is going to go higher from here, although the fact that the breakout level has not been tested properly and the H&S price formation make me cautious. If we do go lower, I would still look for longs at 1190.
After a wonderful rally, Gold got a bit crazy and then showed a class A bearish divergence back in March. Since then, price returned to value where it rejected with a very nice morning star candle formation. Since then, Gold has been moving sideways, but the minor swing low held tight. I think Gold is going to go higher from here, although the fact that the breakout level has not been tested properly and the H&S price formation make me cautious. If we do go lower, I would still look for longs at 1190.
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