Gold prices have dropped significantly yesterday and peaked at $1359 an ounce. And now, as I demonstrate below the 8-hour chart is giving bullish signals, indicating that gold prices might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal. Don’t forget your Stops and Limits!
• The Chart below is the 8-chart for Gold by ForexYard.
• The technical indicators used are the Slow Stochastic, MACD and Williams Percent Range.
• Point1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point2: The Williams Percent Range signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• Point3: There appear to be a number of bullish crosses on the MACD which signals an impending upward move.
Gold 8-Hour Chart
