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Gold (GC) Weekly MACD Positively Crossing

Gold (GC) Weekly MACD Positively Crossing

Posted October 27, 2021
Darren Chu
Tradable Patterns

Gold (GC) saw some healthy profittaking yesterday but appears to be in the early stages of firming as it nears upchannel support (on the daily chart).  Significantly, GC is testing triangle resistance (on the weekly chart), and appears to be gearing up for a bullish move within a massive consolidation since the August 2020 record high.  Any daily close above the psychologically key 1800 whole figure level dramatically increases odds of testing the July and August 2021 highs in the few days after.  The weekly RSI, Stochastics and MACD are bottomish or consolidating recent gains, but weighed by the tiring daily RSI and Stochastics.  I am long as of today at 1790 although if I were flat, I’d look at entering 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).

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Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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