Gold – Forms Short Term Base (4hr chart)
Yesterday in the members commentary, we talked about Gold forming a base and attempting to bounce. As you can see from the chart below, this is exactly what happened with the pair jumping over $25 off the lows.
Short term we have a base in place as the few hours of buying eclipsed almost a day of selling, suggesting have the momentum short term.
Any weak pullbacks towards 1180 and 1190 may be good opportunities to long. Taking out the weekly highs will add further upside risk, while a daily close below 1178 puts increased bearish pressure on.
