Gold remains in a tight consolidation on the 4-hour chart after its historic run to $3,431. Price is trapped in a clear rectangle between ~$3,280 and ~$3,360:
š¦ Sideways range suggests indecision after the massive bull run
šµ 50 SMA holding as dynamic support
š MACD is flat but trying to cross higher
š RSI hovering near neutral at 50 ā neither overbought nor oversold
Watch for a break above $3,360 to reignite bullish momentum toward record highs. A break below ~$3,280, however, could signal deeper mean reversion toward trendline or the 200 SMA near ~$3,140.
Patience is key ā the next move could set the tone for May.
-MW
š¦ Sideways range suggests indecision after the massive bull run
šµ 50 SMA holding as dynamic support
š MACD is flat but trying to cross higher
š RSI hovering near neutral at 50 ā neither overbought nor oversold
Watch for a break above $3,360 to reignite bullish momentum toward record highs. A break below ~$3,280, however, could signal deeper mean reversion toward trendline or the 200 SMA near ~$3,140.
Patience is key ā the next move could set the tone for May.
-MW
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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.
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.