On the weekly chart of gold, the price has reached the bottom of the 2 year up trend-line but on Friday recovered and printed a bullish hammer. This is a signal that the decrease of gold price of the recent weeks may have come to an end. Important will be to check what the next candlestick will be on Monday. If the candlestick is bullish, the probabilities are high that the gold keeps bouncing upwards.
If gold loses support of the trend-line shown on the weekly chart, it will be a long way down to the 200 day moving average at $1280 (see daily chart below).
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