kylesutherlandsmith45

Getting a clear signal on the direction of gold in USD

FXOPEN:XAUUSD   Gold Spot / U.S. Dollar
Just trying to figure out how to know if gold is really breaking out or breaking down as opposed to faking out. It looks like if both On Balance volume and Relative strength index are going up together or down together then price follows suit. If only one is moving up or down but it is not confirmed by the other one then it pays to wait and see which one is wrong. Price will not continue in a given direction without these indicators following suit. It is worth noting that OBV seems to move more erratically after January 2023. It is difficult to know which triangle wedge pattern to believe. Which way will it break? In the absence of certainty I think wait to find out before committing to a direction. Expansion is followed by compression and vice versa. Something is coming but it's not clear to me yet. Therefore I suggest you remain neutral. I do think it will not be long though before something happens. Whales only swim in deep water. Otherwise they land on the beach.

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