Gold price appears to be forming a bottom since November’s price action. When we look at the daily chart, we note several things. 1) The overall trend since July’s 1345 high is still bearish based on the moving averages and price action. 2) The bearish momentum is still alive with the RSI still holding below 60. With that said, there is evidence from price action that gold is starting to form a price bottom, or may have put in a bottom for the year at 1130. The basis for this hypothesis is that we are saw 3 bullish engulfing candles form since early November, showing strong buying interest at and just above 1130. ... (full story)