GOLD: Trend Reversal: 09.03.2021

Several days ago I mentioned a possible reversal and a positive week. Apparently the Morning Star on Friday was just a harbinger and the real action is happening today.

If today closes above Monday’s high, it would make a Bullish Engulfing, the strongest of the reversal combos. A breakup of RSI from oversold would support the reversal. A closure above 1721.60, the Thursday high, would make the reversal even stronger.

If today closes the daily candle with the Engulfing, the next target would be to make an Engulfing on the weekly scale.

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