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Gold (GC) Daily MACD Positively Crossing

Gold (GC) Daily MACD Positively Crossing

Posted January 4, 2023
Darren Chu
Tradable Patterns

Gold (GC) Daily MACD Positively Crossing

Gold (GC) is rallying to start the year, but likely to see consolidation in the next day or so as it nears upchannel resistance (on the 4hr chart), ascending wedge resistance (on the daily chart), and the 50% Fib retrace of the March to October slide.  Regardless of any profittaking this week, GC appears poised to extend the Bull Flag (on the weekly chart) by mid month, with odds now elevated for a test of the psychologically key 1900 whole figure level sometime in January.  GC has completed a major bottom within the consolidation since August 2020.  Watch for volatility today 10am EST with the US ISM manufacturing, JOLTS job openings and 2pm EST release of FOMC meeting minutes.  Expect more volatility Thursday after the US ADP non-farm employment change, and Friday with the highly anticipated US non-farm payrolls (NFP) and ISM services PMI.  Monitor as usual the Ukraine-Russia conflict.  Congratulations to paying subscribers who benefited from the Nov 2, 2022 analysis suggesting that SI was in the early stages of forming a major bottom.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on SILVER, NASDAQ100

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Source: Interactive Brokers TWS

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