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Gold (GC) Weekly Doji Near Key 1800 Level

Gold (GC) Weekly Doji Near Key 1800 Level

Posted November 16, 2022
Darren Chu
Tradable Patterns

Gold (GC) is consolidating a second straight day just below the psychologically key 1800 whole figure level and the 38.2% Fib retrace of the March to October slide.   GC is at risk ahead of the weekend of a deeper healthy pullback as it is nearing completion on what appears to be an ascending wedge (on the 4hr chart).  Nevertheless, odds are decent for a recapturing of the August high before month end.  GC is in the advanced stages of forming a major bottom within the consolidation since August 2020, but is unlikely to retest its 2022 high before year end.  Watch for volatility following today’s 830am EST US retail sales, and on Thursday with the US Philly Fed manufacturing index.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  Congratulations to readers alerted Feb 9, 2022 to the looming completion of the weekly chart triangle along with the major triangle connecting the 2018, 2019 and 2020 lows and who benefited.  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 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, EURUSD

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Source: Interactive Brokers TWS

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