Gold Is Very Bullish

After FOMC hiked the Federal Funds rate yesterday Gold developed almost analogously to Silver – forming a double bottom, in this case at $1,197 and then sharply moving to the upside, climbing from $1,197 to $1,233. Unlike Silver, however, there is no signal, so far at least, that there might be a retracement in the near future. The precious metal broke above $1,218, which coincides with (MA)89 in on the four-hour time-frame with ease and although it formed a shooting star candlestick on the same time-frame it continued climbing towards its current high. Gold is now testing the aforementioned resistance at $1,233, which actually also coincides with the (MA)89 indicator on the weekly time-frame, and considering how bullish it is, it might be able to break out above it and continue moving to the upside towards the previous high at $1,263.