Gold bugs to reclaim 1950?
We suspect gold has printed an important swing low at $1925, and are now seeking a move towards the $1950 - $1953 zone.
The bullish engulfing candle on the 1-hour chart was accompanied with heavy trading volume to show demand around $1930. Yet the prior consolidation area has heavy volume around $1935, which means it is a potential level for support for dip buyers to focus on.
Prices have already retraced overnight, so we're now seeking evidence of a swing low for a potential move to $1950 / $1953.
The bullish engulfing candle on the 1-hour chart was accompanied with heavy trading volume to show demand around $1930. Yet the prior consolidation area has heavy volume around $1935, which means it is a potential level for support for dip buyers to focus on.
Prices have already retraced overnight, so we're now seeking evidence of a swing low for a potential move to $1950 / $1953.
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