Thursday, August 07, 2014

Gold Futures - Bullish Bias Is Upon Us

 
Above is a 4hour chart of gold futures from mid June to the present. As you can see there has been a very accurate cycle pulsating through this market on a short term basis. All of these lows  marked with arrows are the same distance apart making this cycle worth paying attention to.
 
Just the other day we had a low due and sure enough away goes the market to the upside. Judging from the size of this move up there appears to be strength as this market has made a higher swing high compared to its previous swing high.
 
The next cyclical low is due August 12th. If gold is making a higher low at that time, that would be a sign of strength. Keep in mind that August is a very bullish month for gold on a seasonal basis so I'd I have to say a bullish bias is beginning to take hold of this market.

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