Buy Pullbacks in Gold
Gold has turned bullish again after every pullback lower
GOLD has been bullish for more than a year and after a small pause in Q4 of last year, buyers came back again. The events of this year with the Iran-US tensions, as well as the coronavirus outbreak have helped keep safe havens and Gold bullish. They went through a shock, when the USD surged after the coronavirus broke out in Europe, but made a quick reversal and have remained bullish since then.
In late May we saw a consolidation, as the sentiment improved for a while, following comments form European leaders for a coronavirus recovery fund. But, the buyers returned once again and sent Gold above moving averages on the H4 time-frame chart.
Moving averages have turned into support for Gold, the 50 SMA (yellow) in particular. This moving average has reversed the price back up many times, despite being pierced. Last week we saw a break of the 50 SMA, but the price reversed again and climbed back up. So buyers remain in charge in Gold and we will try to pick another pullback down, when that takes place.
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