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Gold Establishing a Price Bottom

Gold has fallen since late January from a high around 1307 to a low last week around 1190. The 1H chart shows that above 1190, the market formed a double bottom, and price action has started to reverse since then.

Gold (XAU/USD) 1H Chart 3/2
(click to enlarge)

Since the double bottom:

1) Price has crossed above the 200-, 100-, and 50-hour SMAs. 
2) The SMAs are starting to slope upwards and is getting into bullish alingment.
3) The double bottom has been respected as support, and price has stayed above 1200 since. Price is also making higher highs and higher lows,.
4) The RSI has held above 40 for the most part after tagging above 70. This shows development of bullish momentum.

Gold (XAU/USD) 4H Chart 3/2

(click to enlarge)

The 4H chart shows that indeed, price is rounding out a bottom, and the RSI is breaking above 60, which reflects loss of the prevailing bearish momentum in February. Now, it looks like there is a barrier around 1230, where price will likely be challenged by a falling trendline coming down from the high in January around 1315. A break above 1230 first exposes the 1250-1260 area. Above that gold will be poised to retest those 1300-1315 highs.

If price throws back into the price bottom, a hold above 1210 will continue to validate the bullish outlook. Even a hold above 1200 should keep the bullish outlook alive, but above 1210, there would be a better visual clue for traders to hop on the bullish outlook.