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Gold Confirms Bottom After Pin Bar Buying | Aug 8th
Spot Gold – Bottom Confirmed as Prices Surge After Pin Bar Bottom
For over a month now we’ve been suggesting Gold has been forming a complex bottom, which you can read here, here and here. After severe drops like this PM experienced, bottoms usually take time and form complex price action structures – usually with several new HL’s (higher lows) and a second attempt to take out the prior lows (which fails).
Before today, over the prior 12 days gold sold off 8 of them, dropping over $75 in the process. However yesterday it formed a pin bar off a key level and has since surged over $26 higher taking out the daily 20ema and virtually the last 3 days of selling. This to me confirms a long term bottom is in place.
It is possible the PM could form another LL (lower low), but at this point, any pullbacks towards 1296-1269 (as suggested before) are buying opportunities. Those not already long can look for intraday pullbacks into 1300-1306, or deeper pullbacks towards 1289-93 to get long. Upside targets remain 1339 and a much higher upside target of 1418.
Make sure to check out my latest article on How To Deal With Counter Trend Signals To Our Trades.
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