Close Navigation
Learn more about IBKR accounts
Gold (GC) 2 Week Consolidation Tries Holding Above Key 2K Level

Gold (GC) 2 Week Consolidation Tries Holding Above Key 2K Level

Posted April 26, 2023
Darren Chu
Tradable Patterns

Gold (GC) 2 Week Consolidation Tries Holding Above Key 2K Level

Gold (GC) is trying to edge higher as the consolidation since hitting a fresh 2023 high two weeks back is entering the advanced stages.  With GC having been able to in April remain mostly above the psychologically key 2000 whole figure level, odds remain elevated for a retesting of upchannel/ascending wedge resistance (on the weekly chart) by early May.  Any fresh 2023 high would complete a Bull Flag consolidation since August 2020.  GC is increasingly likely to test the 2022 high and 2020 record high by May sometime.   Bullish catalysts may arrive as early as Thursday with the US GDP and unemployment claims and Friday with the US core PCE price index and employment cost index data.  Congratulations to paying subscribers who benefited from the Nov 2, 2022 analysis suggesting that GC was in the early stages of forming a major bottom.  Except for the daily MACD which is downsloping (due to some market data issue), the weekly, daily and 4hr RSI, Stochastics and MACD are rallying or bottoming.  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 NATURAL GAS, VIX

Source: Interactive Brokers TWS

Join The Conversation

If you have a general question, it may already be covered in our FAQs. If you have an account-specific question or concern, please reach out to Client Services.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclosure: Interactive Brokers

Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Tradable Patterns and is being posted with its permission. The views expressed in this material are solely those of the author and/or Tradable Patterns and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Disclosure: Futures Trading

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.

IBKR Campus Newsletters

This website uses cookies to collect usage information in order to offer a better browsing experience. By browsing this site or by clicking on the "ACCEPT COOKIES" button you accept our Cookie Policy.