Gold Trend Reversal - Double Bottom, MACD and OBV divergence
Gold is currently at a 13 month low and key indicators are starting to show a potential trend reversal. On Balance Volume is showing a divergence over the past week. OBV is a key momentum indicator and divergences in price and indicator usually provide a reversal signal. MACD indicator is a common divergence indicator and is showing clear divergence. Also, it is showing a clear triangle formation with classic Elliot wave movements ABCDE.
The price channel of Gold has failed to touch the lower support line but instead created a horizontal support equal to the previous 13 month low on July 10th 2017. There is a strong confluence of indicators and price action that suggest a trend reversal. When the trend reverts to bullish, I expect a very strong bullish move up as volume levels are at extreme lows.
Also on the chart is my faithful Ichimoku indicator, its an indicator I have been using recently and is especially helpful for finding Elliot waves and confirmation of price trends.
I am quite confident about this one.
The price channel of Gold has failed to touch the lower support line but instead created a horizontal support equal to the previous 13 month low on July 10th 2017. There is a strong confluence of indicators and price action that suggest a trend reversal. When the trend reverts to bullish, I expect a very strong bullish move up as volume levels are at extreme lows.
Also on the chart is my faithful Ichimoku indicator, its an indicator I have been using recently and is especially helpful for finding Elliot waves and confirmation of price trends.
I am quite confident about this one.
Trade closed: stop reached:
Breached key support zone.
Follow my latest posts, it has more useful and interesting insight into the current situation of gold as well as other popular commodities.
Follow my latest posts, it has more useful and interesting insight into the current situation of gold as well as other popular commodities.
