Today gold futures closed a few pips above the daily 20 EMA line, reaching the next target in the list posted yesterday.
Even though the stock closed with a rather undecisive doji candle, I view the closure above 20 EMA as a significant achievement in cementing the bottom.
I am expecting the slow grind up to continue. Perhaps, once Mr. Markets makes the final decision about gold, we should see a 1+% day that would help it to close above 1757.40 on Friday.
The next major targets would be:
– close above the daily 20 EMA line (done today);
– form a daily 8/20 bullish cross;
– close the weekly print above 1757.40; this would confirm the mid/long-term trend reversal.