This chart outlines my percieved support and resistance levels based on price action and volume observation,I also use VWAP and AVWAP to identify potential value areas.The 65 MA on 30 min chart approximates the 5 day MA (Shout out to Brian Shannon of Alphatrends for alerting me to this) I also pay attention to daily settlement prices and of course Initial Balance...
We are approaching big figure resistance,1st support at 6065-70,better at 6035-38 and critical support down at 6020, a hourly close below 6020 might see a quick plunge to 5930.
We need to shift the angle of this rally upwards out of the current channel to accelerate beyond 6130-40 and then we can look at ATH and then the top of the megaphone pattern.
Gold has been the subject of significant two way action lately,the problem with two-way action is that it tends to move slowly with a + or -10% bias.
In Gold's case it could be argued that the last 3 months trading has been a pit stop on the road to nowhere.The channel I pointed out some weeks back provided the anticipate support but the lacklustre action makes...
While there have been no signficant negative moving average crosses on the Daily chart (apart from being near to the 100 Day SMA again),the 4 Hours charts are showing signs of negative rotation with the 20 Ma crossing beneath the 50 MA and the 100 starting to cross below the 200 MA.
Short term, it's tempting to sell above 5950 with a stop above 5962.The prior...
There are two battles over Gold at the moment,
1. The BRIB Nations supporting Gold with physical purchases with a view to creating their gold backed currency as an alternative to the US Dollar.
2. The incoming Trump administration are agressively countering this move by supporting digital alternatives backed by blockchain infrastructure,backed by the SWIFT...
