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Gold: Candles Speak Reversal

Mar. 10, 2021 1:35 AM ETGold Spot Price (XAUUSD:CUR)
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Summary

  • I believe gold reversed the bearish trend today.
  • Bearish Engulfing - strong reversal combo.
  • Gold needs to close the week above 1732.80 to confirm.

Gold Futures - Weekly & Daily

I think that today gold reversed its bearish trend that it started in August 2020.

The day closed with a Bullish Engulfing candle above the previous day high. This was done with an RSI breakup from the oversold territory. The daily odds are strong bullish and there is an 80+% probability that the next few days will close higher.

If this happens, there is a good chance for the stock to print a Bullish Engulfing on the weekly scale. A weekly closure above 1732.80, or better above 1757.40, would confirm the trend reversal on the weekly time frame.

Analyst's Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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