Bullish Shift: If we only look at October, we can say that gold is turning bullish, rebounding from about 1182.80 to almost 1250. Price has been making persistently higher highs and higher lows. It has broken above the 200-, 100-, and 50-period simple moving averages (SMAs) in the 4H chart. The RSI has broken above 60, which reflects a loss of the prevailing bearish momentum.
Gold (XAU/USD) 4H Chart 10/20 (click to enlarge) Flag Pattern: […]