Gold has had higher highs and higher lows over the last 7 or so trading days and is on a uptrend. It looks like the 50% Fibonacci support held last week and bounced nicely off of it. Gold is now trading over the 15 day and 100 day moving average which is a bullish sign. It will need to break the 1212 area to get over the 50 day moving average and over the 1219 area to get over the highs in mid July.
The MACD Histogram crossed over the center line on Aug 3rd which is another bullish indicator. The K and D Stochastics are in the overbought area and are in an uptrend, another bullish indicator. Are we in for a early seasonal bullish run? I'm not 100% sure of that, but the chart definitely indicates that it is on the way up. There may be a pullback sometime in August to get in before a possible bullish run into the fall months of Sept, Oct and Nov.
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