SHORT-TERM BULLISH GOLD AFTER HAMER CANDLEWith lousy and direction-less equity markets today - Europe rollercoaster, US hibernating - let's take a look at Gold. The precious metal yielded a near-perfect bullish hammer candle today. I usually like to see those at the end of a longer downtrend, but would never want to ignore a hammer, when I see one.
My longer-term technical work suggests a fresh bull cycle for commodities and Gold, and with that in mind, today's hammer becomes more interesting.
Fundamentally, is this is a hint at dovish Yellen in Jackson Hole? Let's see...
Targets: 1374
Stop level: 1332/31
