Gold Price Reversal Looks Poised For New Highs

gold futures trading chart breakout higher forecast new highs may 8 year 2020

Gold Futures Trading Chart – Bullish Setup

The pullback in the price of gold appears to be quite orderly.

In fact, I believe that gold is in the process of making an Elliott wave 4 low, which should lead to another leg higher.

The recent reversal higher has triggered that potential trade setup and follow through buying will confirm a wave 4 low.

As long as the 5/35 oscillator doesn’t dip below 41.70, it appears that the next rally leg is on.

The author may have position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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