Pattern and Indicators Sustain A Bullish View for Gold

Published by Stefano Bottaioli | Mar 17, 2019 | Articles 1840

 

Gold is completing a long rounded base and for now is making a series test of trendlines: at the moment the indicators still sustain a bullish structure that will be confirmed to the breakup of the descending trendline from the top of the 2011: a violation of the static (Horizontal red line) resistance will be therefore extremely bullish. As said the indicators therefore don't underline any type of bearish signals. The actual phase of weakness is consistent with a positive view in line with the bullish seasonality as we can usually see during the 2° part of the year. The overcoming of the last maximum (area 1350 $) will be a signal of an alert for further strength.


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Stefano Bottaioli  Technical Analyst / Investment Consultant

   

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