Is a rally underway in the gold market?

The gold price has bounced up off a line of support - is this the start of a rally? John C Burford examines the charts to find out.

When I last covered the gold market in my post of 8 August, it was staging a vigorous rally in a c wave. This was the hourly chart then of my best guess scenario:

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.