Hello All,
So far on Gold, it has been solid, except for the last two weeks. This is due to the fact that we are up against the support of the previous top which has classically turned into a point of resistance. The previous weak printed a shooting star candlestick which the Japanese termed to be a symbol of a stock/commodity/etc. "rising in agony."
As long as price maintains a price point above the support marked by the green rectangle, there should be a sufficient amount of accumulation occurring for gold to reach its price objective of the bull flag (~1730).
If the bodies of the candles stay within he body of the shooting star, I believe that price should be able to cross above the high resistance region as a consolidation above that region would be much more bullish than the consolidation within these two bounds. Another strong situation would be if gold could consolidate in an upward trend, such as what is presented in yellow. If price can not stay above the support it is highly likely that price will be testing 1450 once again.
As for the RSI, it is currently in the bullish region, as long as it can maintain above 50 on the weekly, the upward movements will be strong.
Best of Luck and Stay Technical!
So far on Gold, it has been solid, except for the last two weeks. This is due to the fact that we are up against the support of the previous top which has classically turned into a point of resistance. The previous weak printed a shooting star candlestick which the Japanese termed to be a symbol of a stock/commodity/etc. "rising in agony."
As long as price maintains a price point above the support marked by the green rectangle, there should be a sufficient amount of accumulation occurring for gold to reach its price objective of the bull flag (~1730).
If the bodies of the candles stay within he body of the shooting star, I believe that price should be able to cross above the high resistance region as a consolidation above that region would be much more bullish than the consolidation within these two bounds. Another strong situation would be if gold could consolidate in an upward trend, such as what is presented in yellow. If price can not stay above the support it is highly likely that price will be testing 1450 once again.
As for the RSI, it is currently in the bullish region, as long as it can maintain above 50 on the weekly, the upward movements will be strong.
Best of Luck and Stay Technical!