Gold XAUUSD has been making headlines once again by falling in price. But now analyst believe that gold has reached the turning point and is close to its bottom. So expect an uptrend on XAUUSD once again. If you are still bearish on gold, it’s time to get bullish once again. Take a look at the following XAUUSD Weekly Chart.
Do you see the 3 inside days bars? This is clearly a strong signal on the weekly chart that XAUSD has found the bottom. Now take a look the daily chart below!
So the charts are giving a strong message that XAUUSD is about to go up once again. Gold bugs take heart: One of the biggest bullion bears is suddenly bullish.
I am chartist and I have shown you that the weekly chart is showing the bottom. But this analyst is also confirming what the charts are saying. As a swing trader I only focus on the charts and don’t waste my time on doing the fundamental analysis. Markets behave strangely and are always throwing surprises at you. Only the charts show you what the market is thinking at a particular point of time. So believing the charts is a good strategy!