GOLD: bullish reversal
- Williams Alligator mixed;
- MACD bullish;
- BB %B bullish.
The price of Gold is showing several preliminary signs of a bullish reversal. First of all, the price gapped through all of the Williams Alligator lines that used to represent the resistance range. Traditionally, significant resistances and supports are breached in that way. Secondly, the Williams Alligator is performing a bullish crossover, although its lines aren’t placed in the bullish eating mode yet.
The MACD indicator has the histogram in the green and its bars are rising. THe lines performed a bullish crossover and headed towards the bullish zone, they are about to cross the zero level from below shortly. Finally, the Bollinger Bands %B oscillator is bullish, while the distance to the overbought zone is quite large, which leaves a lot of room for the bulls to keep lifting the price of Gold higher.
Pivot points:
R1: 1846.24 (previous peak);
R2: 1857.87 (extension);
S1: 1829.66 (WA middle line);
S2: 1816.10 (recent bottom).
