A bullish harami has formed on the weekly chart of price of Gold. This is a bullish sign. Gold closed the week above the important level of 1200. The market has bounced from this area previously.

We can also see that this move has broken the up trendline on 4-hour charts.

Trading preference

It is possible that Gold is getting ready to rally as USD is expected to weaken. If you are entering on the H4 chart, it is a good idea to see if there is a retest of the broken trend line. Even without the retest, buying is preferred if the market can rally above the top of the last week’s candle.

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