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GOLD Update: Fake Reversal

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Gold Back to Bullish?

Gold has made yesterday what analysts considered a trend reversal, by creating, together with the former two candles an Evening Star in the 4H chart. But this formation couldn’t break the $1,327 support level which was the low of the bullish candle that made this formation.


As we see on the chart above, the last two 4H candles have been bullish, the last one experiencing an acceleration to the upside.

Right now the price is close to the high of the large red candle that closed the Evening Star formation, art 1,337.42. Id the price closes convincingly above it we can see further price increases. Until then,  better be in the sidelines.

Resistances: 1,337,4 and 1,344

Support: 1,327 and 1,320

 

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