Gold is back on my radar again, and is starting to glitter again. Today, after a long bearish trend, we saw a glimmer of bullish hope. I show you my analysis in today’s video.
The daily GLD (gold ETF) today showed a very nice bullish reversal bar. Technically, it isn’t very strong, but historically, it has proven to produce up to 4 points of correction.
In addition, the $HUI (Gold Bugs Index), which is well known as a leading gold indicator, also signaled a bullish reversal. And the GDX, gold miners ETF, like their brothers, signaled a bullish reversal bar on the daily charts.
While these might not be full blown key reversals, they do shine a bullish light on well beaten down gold market.
Gold is starting to glimmer again, and I expect to see at least 40 points of correction, and at least 3 -5 days of bullishness. Learn to trade the Hawkeye way.
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Update: As of 11/18/2019, Gold has risen 20 points, and is continuing to show signs of bullishness. I previously posted “4” point potential profits, but it was a typo and should have read “40” point potential profits are expected.
