After yesterday’s indecisive doji gold made an attempt to confirm a reversal. However, today’s candle is likely not enough to make the shift. Let’s have a look at the candles, TA and waves.
While today’s candle is bearish, gold needed to close below $1843 to form a local top. If it does it tomorrow, the odds would flip bearish, at least for the short term.
Indicators support a further move up, possibly after a consolidation for a few days.
The trend continue to be bullish until a reversal is confirmed. Any bearish candle will be evaluated on the daily basis.
No changes to the short term forecast and gold moved as forecasted last week.
After a rally towards $1880-1890 (completed), expect a pullback in wave (ii), possibly to $1820 or even to $1805.
If the metal moves below $1805, this could be a first sign for an alternative count to take place.
For details, refer to the last weekly analysis:
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