Trend Structure In Gold Remains Bullish
Dec-09 15:04By: Taso Anastasiou
- The trend condition in Gold is bullish.
- The bear phase between Oct 20 and 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle.
- Moving average studies remain in a bull-mode position, highlighting a dominant uptrend.
- Key support to watch lies at the 50-day EMA.
- Clearance of this EMA would signal scope for a deeper retracement.
- The key resistance and the bull trigger is at $4381.5, the Oct 20 high.
