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Long Gold - Weekly reversal to the upside


jbtrader

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At the very least made me close out my Short position in Gold which worked well following the downside reversal weeks ago.

 

Now the charts are saying to me Go Long.

 

Weekly reversals are relatively rare and I always respect them.

 

chartGold.png

I also noted last thursday that the long spec positions in Gold were almost non-existant following the 10%+ drop in Gold the last few weeks. I took this as a bullish signal but waited for the chart to confirm any significant upside move ahead.

 

Cheers,

 

JB.

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