Gold is bullish. It moves in impulses and then pullbacks. Its last bullish impulse surpassed the recent top of $1,439.4, went up to $1,452.95 then it retraced below the previous high. Currently, it is creating a kind of floor with small-bodied candlesticks depicting large lower wicks or shadows. The Stochastic oscillator seems to be curving to make a bullish crossover. The MACD and the CCI are still pointing to a bearish continuation.
If the price manages to close above $1,430, it may signal another bullish impulse. Bearish positions are not wise until it crosses $1,416 to the downside. Then we might consider pullbacks as places to go short.
