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Gold (GC) Surges Above Key 2K Level to Fresh 2023 High

Darren Chu - Tradable Patterns - Wed Apr 5, 2023

Gold (GC) Weekly/Daily/4hr

Gold (GCJ23) is consolidating after surging yesterday to upchannel resistance (on the weekly chart) and the April 2022 high (on the June contract).  Regardless of any healthy profittaking ahead of the weekend that brings GC back to the psychologically key 2000 whole figure level, GC remains well positioned in April to retest the record high formed in July 2020.  GC is in the advanced stages of a Bull Flag consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com).  Watch for volatility today 815am EST with the US ADP non-farm employment change, or the 10am EST US ISM services PMI, and after Thursday’s US unemployment claims and Friday’s highly anticipated US Non-Farm Payrolls (NFP).  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, VIX

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(GLD) 


On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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