Gold is currently trading around $1,938 per ounce, representing a 1.2% gain on the day. Prices have recovered 4% from the low of $1,863 reached on Wednesday.
Even so, it is too early to call a bullish revival. That's because the yellow metal is yet to rise above $1,950 - the high of Wednesday's spinning bottom candle.
A spinning bottom candle occurs when an asset sees two-way business but ends the day with marginal to moderate gains or losses. It is widely considered a sign of indecision in the market place.
In gold's case, however, it could be taken as a sign of seller exhaustion, given it has appeared following a notable pullback from $2,075 to $1,863 and marks a bear failure to penetrate the ascending trendline connecting March 20 and June 5 lows.
As such, a close above Wednesday's high of $1,950 is needed to confirm a bullish revival. That will likely invite stronger chart-driven buying, yielding a break above $2,000.
On the downside, support is located at $1,913 (Asian session low) and $1,900 (psychological support).
Daily chart
Reprinted from Fxstreet，the copyright all reserved by the original author.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.