Gold Coming Into a Squeeze
Gold displayed strength to the upside during March & April of this year but has
started to slow down this month.
The reason for the slowdown is due to the recent high at $1747 which is proving
to be a problem for price.
Despite the hesitation at resistance, price has the 20 simple moving average below to
use as support.
Price is currently in a squeeze, in between the resistance level and the 20 simple moving
average, and will soon have no choice but to break out on either side.
The trend is up and the bias is for a breakout to the upside but we need to let price
dictate the next move.
If the previous high is broken then we will start to look for opportunities to enter long
positions as long as there are no major resistance levels above from the monthly and
weekly timeframes.
If there are then we will need to continue to apply more patience.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
started to slow down this month.
The reason for the slowdown is due to the recent high at $1747 which is proving
to be a problem for price.
Despite the hesitation at resistance, price has the 20 simple moving average below to
use as support.
Price is currently in a squeeze, in between the resistance level and the 20 simple moving
average, and will soon have no choice but to break out on either side.
The trend is up and the bias is for a breakout to the upside but we need to let price
dictate the next move.
If the previous high is broken then we will start to look for opportunities to enter long
positions as long as there are no major resistance levels above from the monthly and
weekly timeframes.
If there are then we will need to continue to apply more patience.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
Join Our Private Community
bit.ly/join-ST-community
Plus Get Our Ultimate Stock Market Blueprint.
bit.ly/join-ST-community
Plus Get Our Ultimate Stock Market Blueprint.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.