Posted on May 22, 2015 07:44
Gold prices getting stronger since Asian Session, the precious metal hit 1201.35 yesterday and strongly supported by the 2nd support and psychological level 1200. In American Session the yellow metal ticked up due to negative Existing Home Sales data.
Inverted hammer in h4 graph at the bottom is indicating strong bullish trend for this metal. The next candle after the inverted hammer has been closed in green and bullish continuation is cleared. If, this assumption is correct, then it can target 1217 and 1223 respectively.