Gold is in an inflection zone. While the odds are bearish on the daily, weekly and monthly frames, there is a little chance of breaking this spell. Let’s discuss the hypothesis.
Today’s daily candle formed a bullish Harami that, if confirmed tomorrow, could start a rally. The odds are barely bullish as indicators are yet to support this possibly bullish move.
If tomorrow gold closes above $1805.30, a short-term rally would likely to continue.
Any price below $1805.30 would keep the bearish odds higher.
Let’s see how this week closes.
In order to start thinking bullish, we need to see at least a bearish weekly pattern. I would like to repeat that gold is so badly damaged on the quarterly and monthly frames, that it will take at least several strong bullish weeks to flip the odds on the bigger frames.
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