Is the Gold correction done?



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I have been following the technical status of Gold and the bears remained in full control here and here. Finally, Gold is showing signs of what looks like a bottom, at least in the short term (see chart below).






For the first time since the breakdown ~1550, the price action of Gold has pierced through the 13-week EMA that had been acting as resistance so far. Both the RSI and MACD have reversed their trends. The next target will be the 26-week and 200-week averages that hover just around 1400-1425. If this is crossed the next level that is likely to act as resistance is the 1550 breakdown level. Overall, in the short term, gold seems to be acting strongly. Will this be a major bottom or just a reprieve? Time will tell.

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