Gold (GC) Bouncing off Weekly Chart Upchannel Support
Gold (GCJ22) has bounced off upchannel support (on the weekly chart) and is in the advanced stages of completing the month plus consolidation from the 2022 high. Odds are high for more upward momentum today with GC trying to extend the upchannel (on the 4hr chart) and GC near the highest level in a month. Watch for volatility to rise following today’s 830am EST release of US PPI and Thursday’s US Retail Sales. With US-based traders largely taking Good Friday off for holiday, any escalation or ceasefire in the Ukraine-Russia conflict could result in exaggerated moves. Congratulations to readers alerted Feb 9, 2022 to the looming completion of the weekly chart triangle along with the major triangle connecting the 2018, 2019 and 2020 lows and who benefited. 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
GOLD (GC) Weekly/Daily/4hr
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