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Gold (GC) Nears 2023 High Ahead of FOMC

Gold (GC) Nears 2023 High Ahead of FOMC

Posted May 3, 2023 at 1:14 am
Darren Chu
Tradable Patterns

Gold (GC) Nears 2023 High Ahead of FOMC

Gold (GC) is catching its breath after yesterday’s 1.5% plus surge, with GC now in the advanced stages of a consolidation since hitting a fresh 2023 high in April.  With GC now comfortably back above the psychologically key 2k whole figure level, odds are elevated for a retest this week of upchannel/ascending wedge resistance (on the weekly chart).  GC is nearly complete in its Bull Flag consolidation since August 2020, where GC is increasingly likely to test the 2022 high and 2020 record high by May sometime.   Bullish catalysts may arrive as early as today 815am EST after the US ADP non-farm employment change and 10am EST with the US ISM services PMI.  Volatility surges following the US FOMC statement, Federal Funds rate and FOMC press conference at 2pm EST, and continues Thursday with the US unemployment claims, and Friday with the US’ average hourly earnings, Non-Farm Payrolls (NFP) and unemployment rate.  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.  The weekly, daily and 4hr 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, AUDUSD

Source: Interactive Brokers TWS

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