Gold price as expected has pushed lower towards the lower boundary of the bullish medium-term channel. Price so far has not fallen as low as $1,480 but we have seen a low at $1,486. Price could now be forming a bullish hammer candlestick pattern implying a reversal could come until the end of the week.
Green line - major support trend line
Gold price has pulled back from $1,557 towards $1,480. This so far remains a healthy and natural pull back after the strong rally from $1,400. The Daily candlestick could now be forming a bullish hammer pattern. If we see prices close today above $1,494 the we will have a hammer pattern. A bullish follow through tomorrow will strengthen this bullish pattern and we could see a new move higher maybe even to new 2019 highs. Support is key at $1,475-$1,480 area. Breaking below this area will increase the chances of a major top.
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