Gold has Reversed. Will the Bounce Continue?
Commodities / Gold and Silver 2018 Aug 26, 2018 - 03:39 PM GMTBy: Troy_Bombardia
Gold has been in a very strong downtrend until this past week. But thanks to this week’s bounce, gold has snapped its 6 week loss streak.
Gold’s sudden surge on Friday was its biggest 1 day increase since late-March 2018.
In today’s study we’re going to look at…
What happens next to gold when…
Gold spikes more than 1.5% (daily) while being above its 50 daily moving average, for the first time in at least 1 year.
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Conclusion
Gold’s sudden surge on Friday is a sign that its short term bottom is in. When gold suddenly spikes the way it did on Friday, it’s a sign that big buyers are finally stepping into the gold market to put a short term bottom under the market.
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By Troy Bombardia
I’m Troy Bombardia, the author behind BullMarkets.co. I used to run a hedge fund, but closed it due to a major health scare. I am now enjoying life and simply investing/trading my own account. I focus on long term performance and ignore short term performance.
Copyright 2018 © Troy Bombardia - All Rights Reserved
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