Weekly Reversals Needed to Restore Bulls Confidence
A potential bullish reversal is first signaled by a move above today's high of 1,939, followed by a daily close above the 100-day EMA. After that, a move above Thursday's high of 1,955 further confirms the strength. A weekly bullish reversal will trigger a move above the weekly high of 1,972. Notice that the important 100-day EMA and weekly high coincide with the inner downtrend line.
This shows that weekly bullish reversals imply breakthrough resistance identified in multiple ways. It will also be the fourth attempt to break out of the 100-day EMA. His fourth attempt to cross the line is often successful. We will continue to search for clues that support such scenarios. If a bullish reversal is confirmed and gold starts trending upwards again, the price will likely move higher, including the possibility of eventual new all-time highs.
A potential bullish reversal is first signaled by a move above today's high of 1,939, followed by a daily close above the 100-day EMA. After that, a move above Thursday's high of 1,955 further confirms the strength. A weekly bullish reversal will trigger a move above the weekly high of 1,972. Notice that the important 100-day EMA and weekly high coincide with the inner downtrend line.
This shows that weekly bullish reversals imply breakthrough resistance identified in multiple ways. It will also be the fourth attempt to break out of the 100-day EMA. His fourth attempt to cross the line is often successful. We will continue to search for clues that support such scenarios. If a bullish reversal is confirmed and gold starts trending upwards again, the price will likely move higher, including the possibility of eventual new all-time highs.
