As mentioned in my previous posts, even now, it appears that the gold price has taken support around 1113 level and with a double bottom with yesterday's low, it appears that the gold price is well positioned to move towards 1170. Even though the MA set up in H4 indicate a SELL, the H1 and more importantly D1 indicate a BUY trend. An upward spike today will change the H4 MA set up back to a BUY set up. There is also a remote chance of the downward spike which will change the MA set up in H1 to SELL. While in D1, it could take a day or two next week for the MA set up to change into a SELL. I have been saying that the gold price is going up for more than a month now, when everybody was talking about the price going to 1050 or 980. I still believe that the gold price is set up to go to 1500 and i will be first one to say if it is going the other way! Expect an upward spike today!
