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Gold has Reversed. Will the Bounce Continue?

Commodities / Gold and Silver 2018 Aug 26, 2018 - 03:39 PM GMT

By: Troy_Bombardia

Commodities

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.

Click here to download the data in Excel

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.

Click here for more market studies

By Troy Bombardia

BullMarkets.co

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

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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