Gold Ascends Past ATH
Updated
Gold is currently priced at $2,324, showcasing a steady climb in its 4-hour chart. It's not just that the price is ascending; it's doing so in a manner that traders often describe as "healthy," with a consistent pattern of peaks and troughs suggesting controlled buying interest rather than speculative spikes. This is a typical characteristic of the forex market, known for less volatility compared to the crypto space.
You can see a bullish flag formation right above the previous all-time high (ATH), signifying a pause after a strong move up, often considered a continuation pattern. The price has broken out of this pattern, confirming the bullish sentiment.
Looking at the indicators, the Bollinger Bands show the price is comfortably between the upper and lower bands, indicating no extreme volatility at the moment. The moving average (MA) confirms the trend, with the price above the MA line, reinforcing the bullish scenario.
The MACD histogram is positive, which is a good sign for bulls, but the fact that it's not particularly high suggests there may not be a strong bullish push at the moment. The RSI, a momentum indicator, is in the overbought territory, which sometimes precedes a price pullback or consolidation.
This indicates that while the immediate trend for gold is positive, it may not continue to rise at the same pace and a period of consolidation or a slight retracement could be ahead, given the current RSI levels.
Given these factors, traders will likely be watching for signs of whether gold can maintain its upward trajectory or if a cooling-off period is due. Gold's price movement serves as a good reminder of the generally less volatile and more predictable nature of forex assets compared to cryptocurrencies.
You can see a bullish flag formation right above the previous all-time high (ATH), signifying a pause after a strong move up, often considered a continuation pattern. The price has broken out of this pattern, confirming the bullish sentiment.
Looking at the indicators, the Bollinger Bands show the price is comfortably between the upper and lower bands, indicating no extreme volatility at the moment. The moving average (MA) confirms the trend, with the price above the MA line, reinforcing the bullish scenario.
The MACD histogram is positive, which is a good sign for bulls, but the fact that it's not particularly high suggests there may not be a strong bullish push at the moment. The RSI, a momentum indicator, is in the overbought territory, which sometimes precedes a price pullback or consolidation.
This indicates that while the immediate trend for gold is positive, it may not continue to rise at the same pace and a period of consolidation or a slight retracement could be ahead, given the current RSI levels.
Given these factors, traders will likely be watching for signs of whether gold can maintain its upward trajectory or if a cooling-off period is due. Gold's price movement serves as a good reminder of the generally less volatile and more predictable nature of forex assets compared to cryptocurrencies.
Trade active
Found support on the local support level, everything else is almost the same for now.
💎 We believe that everyone can trade and deserves the opportunity to succeed in the world of cryptocurrency and take advantage of its potential.
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
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.