 Hello and welcome to the Charter of the Week video with me, David Madden. Today's date is Thursday, the 16th of August, and the time has just gone 9.05 British summertime. This week's Charter of the Week is gold. If you take a look at the price action in recent months, since April, we can see that gold has been a classic example of a downward trend. A series of lower lows and lower highs all the way along over the last number of months. And in fact, gold fell to a level this morning, not seen since January 2017. So the gold market has been obviously quite bearish in recent months. But in the near term, there's a possibility we could see the price of gold bounce higher. This candle here for today's session, we're looking at a daily candlestick. This candle here has a possibility of forming a hammer formation. And a hammer formation here is a kind of a textbook example of it here for you. Hammer formation is formed after a series of sell-offs after a market has been in a downward trend. The candlestick formation is when the market opens lower, has a large sell-off usually at the beginning of the session, but then pushes higher and the market actually manages to close either at or above the open of that particular candle. So notice how there's a very, very long wick on this candle here, and a very long wick indicates indecision, which ties in what we're talking about. And then also notice how the body of the candle is actually only a fraction of the size of the actual wick. So in this scenario here, the market opened lower, it quickly sold off, printed a new lower low, but then the market managed to actually push back up above the open price and then actually close above the open price. And what we can see here is the market then began to actually turn around. Psychology behind this is that the selling pressure remains intense. The market drives lower initially, usually at the beginning of a session, but then buyers who believe the market has been oversold step into the fold, push the price back up. As the price drives higher, those who are short the market start to panic and they start to close out their short positions and the short covering pushes the market higher. And we could be in line to see a hammer formation for today's gold price. If that were to be the case, we could see the gold price of gold edge up. And if you do bounce back from this level here, we could look heading back up towards the 1194 area to 1200 to 1204. So that kind of $10 area, we could see that being targeted in the near term should this be a hammer formation. If you do go beyond 12004, the next area for potential resistance could be up in around 1125 to 1136 area on the gold market. But it is worth pointing out that the gold has been in a very aggressive downward trend since April. And if you take a look at the MACD indicator, the MACD histogram, we can see that as the market has been driving lower, there's been a steady increase in negative momentum. So the market has been driving lower and that's been confirmed by the steady increase in setting pressure. So if the wider bearish trend does continue, we could see areas for potential support could be in around the 1150 area here. And if you go south of 1150, we could even see the 1125 area being targeted as well. For those of you who are trading gold, it's worth pointing out in recent months, there's been a strong inverse relationship between the gold market and the US dollar. And the US dollar index is at its highest level in over one year. So if you're trading the gold market, please keep an eye on what's going on with the green back. Well, that's all for me this week. Thank you very much.