Gold – Large Corrective Structure, Still Bullish Bias For Now (4hr chart)
One of the more impulsive bull runs this year has been in gold which is up over $150 since the start of the year. For most of this month the shiny metal has been in a large corrective structure between 1250 and 1200 at the top of the latest bull move.
This is a redistribution (or rebalancing) phase in the order flow. The width suggests there is a lot of it going on now with the bulls having a slight edge in bias with the higher lows.
For now I’m keeping my bullish bias while this structure remains. A break of 1250 targets 1300.
However …... Keep reading