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This time the monthly:
The SMA 100 has previously acted as resistance 4 times.
More importantly, check volume. Gold just completed its 4th consecutive
month of rallying. The last time it did that was mid-2012. Given that
is the case, all other things being equal, what is the probability
of gold rallying for a 5th consecutive month? Answer – “not high”.
A monthly close above the SMA 100 would be very bullish. It’s a golden line in the sand, and a golden moving average in your chart!
The odds of 4 in a row were not high either.
If the character of the market has turned bullish we will see a string of white candles
Even 4 out of 5 would be bullish
Beware of recency bias