Home Daily Analysis Charts / Trade Ideas Update on Gold: Bullishness Continues

Update on Gold: Bullishness Continues

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Gold 1H chart shows a clear breakout from a sideways channel. After the impulsive movement, the price had two consolidation candles, and the last one is heading up again.

The Bollinger bands are expanding and the price above the +1BB so this is another leg up. The Stochastics is in overbought territory, but this indicator is not relevant in trending assets.

MACD has started a bullish bias, confirming the action, while the CCI is also bullish and not overbought.



The last top (1,347) may act as resistance. Price may find support at  1,330. Click on the arrowed swquare at the top right of the image to enlarge the chart.

 

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