Gold closed the week on a very optimistic note and we should see some higher prices next week. Let’s test the hypothesis from the different perspectives.
As I anticipated, gold completed today a Rising 3 Methods on 6 candles. This formation came right after a 5-day bullish Mat Hold continuation pattern. Very powerful and we should see some higher prices next week.
The price climbed again above 200 MA and we should probably see a confirmation in the next few days.
The daily indicators started to support a rally, but they are still somewhat unusual for a long-term rally.
Gold seems to have a good support on the daily frame, but I am not convinced of a comparable one on the weekly and monthly charts. Do you remember the level of $1880 and its role?
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