Gold (GC) Nearing 50% Fib Retrace of Mar22-Oct22 Slide

Articles From: Tradable Patterns
Website: Tradable Patterns

By:

CFA, Founder

Tradable Patterns

Gold (GC) continues in its month long consolidation after pushing to a fresh December high yesterday.  Regardless of the low liquidity in this holiday shortened week, odds are decent going into mid next week for GC to extend its ascending wedge (on the daily chart) and to resume its Bull Flag (on the weekly chart).  GC is now comfortably above the 38.2% Fib retrace of the March to October slide and downchannel resistance (on the weekly chart).  GC is all but assured a weekly close above the psychologically key 1800 whole figure level, with a moderate probability of a test of the 50% Fib by next week sometime.   GC has completed a major bottom within the consolidation since August 2020.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  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 and daily 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 Wednesday.  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).  Hope you’re enjoying the holiday season, and have a fantastic 2023 ahead!  Click here for analysis on S&P500, SILVER

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Source: Interactive Brokers TWS
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