Bullish engulfing formed on
XAUUSD
monthly chart near the lower Bollinger band.
Price can test 20 period MA, and then monthly trend line near 1180.
After that it can revert and test 200 period MA in few months, and there might be a bottom of the downtrend.
According to some historical observations, GOLD is bottoming in the years of presidential elections in US, and it can be confirmed in 2016.
XAUUSD
monthly chart near the lower Bollinger band. Price can test 20 period MA, and then monthly trend line near 1180.
After that it can revert and test 200 period MA in few months, and there might be a bottom of the downtrend.
According to some historical observations, GOLD is bottoming in the years of presidential elections in US, and it can be confirmed in 2016.