Looking at the daily chart, we can see that Gold has hit a 2016 support line around 1208 (which is also the Fibonacci 0.5 marker using the 1 year high and low). We can also see that a crab pattern has been completed, signalling a bullish reversal. A wedge is also in the early stages of being created, which supports the idea that there is likely to be an uptrend in the near future.
Looking at the RSI, Gold is looking undersold but with some small upwards movement. Uptrend's are also being shown on CCI.
I would look for this bullish rally to reach levels of 1304, which is a level that has been both support and resistance when we look back at Gold's history.
Looking at the RSI, Gold is looking undersold but with some small upwards movement. Uptrend's are also being shown on CCI.
I would look for this bullish rally to reach levels of 1304, which is a level that has been both support and resistance when we look back at Gold's history.