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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 at 3:48 am
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

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