GOLD 4hr range -- PATIENCE FOR BREAKOUT
Gold's extremely bullish momentum this week pushed the price up from $1440 to as high as $1510 on Aug7. Gold now finds itself within a range between the $1492 - $1506 levels. This is likely a consolidation in conclusion of the week's recent run up. Here are my comments on the current 4hr chart:
1) We can see a double top at the $1506 level. As price tried to push down it failed to break through the $1492 neckline, and bounced back up
2) The price is currently stuck within this range of consolidation. I will be waiting for a break out of this range in either direction:
IF we get a 4hr bullish close above that $1506 level -- we could see a run up all the way to the $1527 zone, which served as a support for previous 2011-12
levels
IF we get a 4hr bearish close below that double top neckline -- we could see a bearish move down to the .618 daily fib zone (Drawn from Jul1 1383 - Aug7
1510) around the 1460 level.
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Now we wait. I'll be updating this idea as the price moves -- Comment below what you think!
1) We can see a double top at the $1506 level. As price tried to push down it failed to break through the $1492 neckline, and bounced back up
2) The price is currently stuck within this range of consolidation. I will be waiting for a break out of this range in either direction:
IF we get a 4hr bullish close above that $1506 level -- we could see a run up all the way to the $1527 zone, which served as a support for previous 2011-12
levels
IF we get a 4hr bearish close below that double top neckline -- we could see a bearish move down to the .618 daily fib zone (Drawn from Jul1 1383 - Aug7
1510) around the 1460 level.
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Now we wait. I'll be updating this idea as the price moves -- Comment below what you think!
Comment:
4hr candle has broken out (with a close) above the box range ... now we look for a run up to the 1527 level