4 hr Analysis
We can see a Double Bottom was created. Double Bottoms can be strong signals of a reversal.
Double Bottoms indicate several things:
1. Strong Support
2. Bears failed here twice
3. Bulls won out
Looking at the yellow circle to start.
This candle is a bit of a spinning top at the level of support. We can be sure that price will go up based on the next candle, a Bullish Engulfing. And price does continue up.
The red highlight is the high. Drawing the Fibb from the yellow cirlce low to the red highlight high gives us a turnaround point at the 61.8% level.
Price came to here, formed a Bullish Harami, and went up.
Additionally, Since there are three Bullish Candles in a row, Gold created a Three White Soldiers formation. This is also an indication that the Bulls are beginning to win out.
We can see a Double Bottom was created. Double Bottoms can be strong signals of a reversal.
Double Bottoms indicate several things:
1. Strong Support
2. Bears failed here twice
3. Bulls won out
Looking at the yellow circle to start.
This candle is a bit of a spinning top at the level of support. We can be sure that price will go up based on the next candle, a Bullish Engulfing. And price does continue up.
The red highlight is the high. Drawing the Fibb from the yellow cirlce low to the red highlight high gives us a turnaround point at the 61.8% level.
Price came to here, formed a Bullish Harami, and went up.
Additionally, Since there are three Bullish Candles in a row, Gold created a Three White Soldiers formation. This is also an indication that the Bulls are beginning to win out.