GOLD: Bullish move to continue by Reece Marini

GOLD Daily

GD

The bulls have taken out a number of stops that were sitting above the 1:1 (White) and the market has now closed strongly above the 61.8 fib at 1263.60, this was an indication that the bulls have now taken back control.

The market has now gone on to take out the AB=CD (White) which goes further to show that the bears have lost control. The next major resistance is not until 1340/50.00.

GOLD M30

G30
The intraday time frame paints a clear picture of the market sentiment changing after the Swiss National Bank’s (SNB) decision to remove the 1.20 peg in EURCHF.

The market took out a number of stops above the 1:1 (Purple) high on the back of the announcement and further buying was seen the following day on the 1:1 (White) at 1254.80. Gold is now trading in a 100 pip range as the market awaits the next directional move, with stops building either side of the market the move next move is likely to be sharp.

* A 1:1 refers to a current correction being equal in length to a prior correction

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