With Election proceedings still in process amidst legal challenges to a plethora of voting irregularities, i thought it would be fitting to check in with my personal favorite 'safe haven' asset.
As you can see price has been steadily trending higher on the weekly timeframe, experiencing a few instances of profit-taking along the way (which i believe we experienced since the tremendous move in August).
the MACD is signaling that a potential bullish momentum shift may very well be taking place, i.e. a bullish overall trend that may well be signaling a trend continuation = very good.
The overall trend is very nice, with clear separation of the moving averages and relatively minor pullbacks along the way.
This however is what has my attention most at the moment in gold, the presence of a tentative weekly squeeze, i have highlighted the moves that occurred after the last 2 weekly squeezes that fired.
Whilst this squeeze is still forming (there may very well be a little more sideways movement for a few more candles), this lends itself quite strongly to the bullish side of things for the near-term/ mid-term for gold.
On the daily we can see where that resistance (cause for sideways chop) may very well be coming from, as we are currently sitting just below the 50% fib retracement from the prior swing high.
The highlighted doji candle also indicates some possible indecision, that being said i do expect that gold will push onwards to the 61.8% fib retracement with minimal effort, at which point a little bit of hesitation would not surprise me, this may very well allow the weekly squeeze i mentioned to develop.
In any case i will be eagerly watching to see how the next few weeks shape up for gold, should gold decisively clear the 61.8% level, there is very little resistance between there and prior highs, perhaps a little at around $2040/ ounce.
A fib extension gives a possible idea of price targets, as well as potential resistance levels for the coming weeks.
-TradingEdge
As you can see price has been steadily trending higher on the weekly timeframe, experiencing a few instances of profit-taking along the way (which i believe we experienced since the tremendous move in August).
the MACD is signaling that a potential bullish momentum shift may very well be taking place, i.e. a bullish overall trend that may well be signaling a trend continuation = very good.
The overall trend is very nice, with clear separation of the moving averages and relatively minor pullbacks along the way.
This however is what has my attention most at the moment in gold, the presence of a tentative weekly squeeze, i have highlighted the moves that occurred after the last 2 weekly squeezes that fired.
Whilst this squeeze is still forming (there may very well be a little more sideways movement for a few more candles), this lends itself quite strongly to the bullish side of things for the near-term/ mid-term for gold.
On the daily we can see where that resistance (cause for sideways chop) may very well be coming from, as we are currently sitting just below the 50% fib retracement from the prior swing high.
The highlighted doji candle also indicates some possible indecision, that being said i do expect that gold will push onwards to the 61.8% fib retracement with minimal effort, at which point a little bit of hesitation would not surprise me, this may very well allow the weekly squeeze i mentioned to develop.
In any case i will be eagerly watching to see how the next few weeks shape up for gold, should gold decisively clear the 61.8% level, there is very little resistance between there and prior highs, perhaps a little at around $2040/ ounce.
A fib extension gives a possible idea of price targets, as well as potential resistance levels for the coming weeks.
-TradingEdge
