Gold’s Impressive Rebound
After a tumultuous week, gold once again found support near $1290 and posted an impressive rebound to close the week:
A bullish engulfing candlestick on Friday along with the promise of the seasonally bullish August/September months being right around the corner offer gold bulls plenty to be smiling about this weekend:
Meanwhile, the weekly chart now shows a symmetrical triangle forming within a larger inverse head and shoulders pattern:
A decisive move above $1350 would go a long way towards a bullish resolution to both of these patterns. Will August be the month that gold finally breaks out into a new uptrend?