GOLD: CANDLES SPEAK “REVERSAL” 09.03.2021

I think that today gold reversed its bearish trend that it started in August 2020.

The day closed with a Bullish Engulfing candle above the previous day high. This was done with an RSI breakup from the oversold territory. The daily odds are strong bullish and there is an 80+% probability that the next few days will close higher.

If this happens, there is a good chance for the stock to print a Bullish Engulfing on the weekly scale. A weekly closure above 1732.80, better 1757.40, would confirm the trend reversal on the weekly.

Interesting statistics:
August 2020 peak – 2089.20
March 2021 bottom – 1673.30
Decline: 19.91%

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