Reasons To Be Cheerful For Gold Bugs
Terrific to see gold performing so strongly after my analysis at the start of the week where I suggested gold remains bullish, and the $1600 per ounce level was key. Yesterday’s price action breached this comfortably with a solid follow-through in today’s session as the precious metal now pushes into the low volume node area I highlighted on Monday which now offers little in the way of resistance for a sustained move higher. Note the volume of yesterday which was in agreement with the wide spread up candle, and the next level is the high of the volatility candle of the 8th January at $1620 per ounce which also marks a further decline in volume on the VPOC histogram. So plenty of reasons to be cheerful for gold bugs.
(Click on image to enlarge)
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