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