Gold Pushes Up Against a Potential Triple Top
Gold started the day with a big selloff but then recovered after the FOMC and Janet Yellen announced that they would not be raising interest rates at this time. Gold is now attempting to break out of a potential triple top at $1220. If Gold can break through, then the first target would be 1241.7, the .618 fib extention from the bull run that started at the end of last year. With jobless claims tomorrow at 8:30 am EST and Non Farm Payroll on Friday at 8:30 am EST, there can be some potential big moves coming up for the precious metal.
The main chart today is complete with all the indicators that I use. The first chart below is the same but with Japanese Candlesticks, called Heiken Ashi. They are really good for showing trends. As you can see, we are now into day 3 of this uptrend.
On this next chart, I've removed most of the chart objects to show only the basic Bollinger Band and Moving Averages. It's clear to see that price has separated from the 6 and 8 day moving averages and has ridden the mid line of the Bollinger Band higher.
Feel free to ask any questions or leave comments. I am always interested in having thoughtful discussions on price action to improve all our trading.
The main chart today is complete with all the indicators that I use. The first chart below is the same but with Japanese Candlesticks, called Heiken Ashi. They are really good for showing trends. As you can see, we are now into day 3 of this uptrend.
On this next chart, I've removed most of the chart objects to show only the basic Bollinger Band and Moving Averages. It's clear to see that price has separated from the 6 and 8 day moving averages and has ridden the mid line of the Bollinger Band higher.
Feel free to ask any questions or leave comments. I am always interested in having thoughtful discussions on price action to improve all our trading.
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