#gold #gc1! – Gold has been trading in the upper end of its three-day range after selling off last week with other global markets, and the reversing back to the upside this week.
Candle 1 shows the selloff back down to $1,560 last week.
Candle 2 is a long-legged doji, or sign of indecisiveness in traders as they pushed price higher and lower during the course of the day, then ultimately closing price near where it opened. Normally the direction after a doji candle indicates the future trend.
Candle 3 shows the reversal back to the upside after trader indecision the previous day.
Candle 4 shows shows trader indecision again at the upper end of the weekly price range.
Orange lines show the upper end of the range and where price is holding for now.
I’m expecting a push higher on today's candle pointed to with the arrow as price is holding within the upper end of its three-day range. Ultimate resistance is shown in red, up near $1700. A push and close above that level would put $1750-$1800 on traders radar going forward on the march back to all-time highs near $2,000.
Candle 1 shows the selloff back down to $1,560 last week.
Candle 2 is a long-legged doji, or sign of indecisiveness in traders as they pushed price higher and lower during the course of the day, then ultimately closing price near where it opened. Normally the direction after a doji candle indicates the future trend.
Candle 3 shows the reversal back to the upside after trader indecision the previous day.
Candle 4 shows shows trader indecision again at the upper end of the weekly price range.
Orange lines show the upper end of the range and where price is holding for now.
I’m expecting a push higher on today's candle pointed to with the arrow as price is holding within the upper end of its three-day range. Ultimate resistance is shown in red, up near $1700. A push and close above that level would put $1750-$1800 on traders radar going forward on the march back to all-time highs near $2,000.