Gold closed the day above $1897 and made a Tower Bottom combo. The bullish odds are high. Let’s have a closer look at the metal from different perspectives.
CANDLES
While the quarterly and monthly frames remain bearish, the weekly are neutral and the daily switched bullish. There is a chance of flipping the monthly odds bullish in 4 days.
Daily
Gold formed a bullish continuation candle that closed above 200 MA. It finally closed above that large red candle and formed a Tower Bottom. The odds are bullish and they are quite high.
If metal continues with a green candle tomorrow, the rally will continue.
Odds: Bullish
ELLIOTT WAVES
If gold continues higher tomorrow, I would adopt the blue count as primary.
If you would like to continue reading, please subscribe to Premium Content.
Premium Content
Read more of this content when you subscribe today.
Follow the blog on Twitter @InvestingAngles or, if you want all posts in your inbox, by email subscription.
Previous Analyses: