10 Jul 2014
Gold keeps providing bullish clues - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, notes that recent price action in gold supports the overall bullish picture, suggesting to look for pullbacks towards the 1312 - 1320 area to get long, expecting a breakout to 1341 and 1352 medium term, with a potential return to 1396.
Key Quotes
"As we've been talking about for weeks, the corrective consolidation phase the precious metal is in supports the overall bullish picture. We've already profited from a few trade recommendations buying off 1306 3x now (here and here), and now the PM is forming a series of HL's (higher lows) inside this overall consolidation."
"This hints the PM is wanting to go higher as bulls buy at worse prices from the overall base."
"Notice the 4hr pin bar off the lows and that since then, 9 of the last 14 candles have closed bullish, also adding to this overall tune. For now, look for pullbacks towards the 1312 - 1320 area to get long, expecting a breakout to 1341 and 1352 medium term, with a potential return to 1396."
Key Quotes
"As we've been talking about for weeks, the corrective consolidation phase the precious metal is in supports the overall bullish picture. We've already profited from a few trade recommendations buying off 1306 3x now (here and here), and now the PM is forming a series of HL's (higher lows) inside this overall consolidation."
"This hints the PM is wanting to go higher as bulls buy at worse prices from the overall base."
"Notice the 4hr pin bar off the lows and that since then, 9 of the last 14 candles have closed bullish, also adding to this overall tune. For now, look for pullbacks towards the 1312 - 1320 area to get long, expecting a breakout to 1341 and 1352 medium term, with a potential return to 1396."