Gold closed 6.6 points higher in the first full day of trading after the Fed announced a new interest rate hike. Price closed above many of the moving averages, including the 6, 8 50 and 100. It also closed above the 21 week moving average. In addition, as I called out yesterday, price did tag the 21 day moving average as was expected after the close above the 6 day moving average yesterday. However, price was not able to close above the 21 day and this is keeping me from being 100% certain of this bull move. However, I am long and I do expect that price will move up and tag the upper bollinger band.
Also notice that the signal line on the stochastic indicator at the bottom of the chart is now above the 20 line and has crossed over the slow line. And also crossing is the 50 over the 100 day moving average. Lots of indication that a bull move is now starting.
The Heikin-Ashi view shows that we have completed 2 green days now and Friday starts with another strong green candle.
Price did touch that POC on the short and intermediate term Volume Profiles. Let's see if Gold can overcome that resistance level and roll above it.
Finally tonight I'd like to look at the dollar index. We now have a solid Heikin-Ashi candle under the Ichimoku cloud and right at the lower Bollinger Band. If the dollar index can continue to moving lower, look at the 200 day moving average (blue line) below at 98.35 as a target. That would be good indeed for the Gold bulls.
Disclaimer: This post is for educational purposes only. Trade at your own risk.
Also notice that the signal line on the stochastic indicator at the bottom of the chart is now above the 20 line and has crossed over the slow line. And also crossing is the 50 over the 100 day moving average. Lots of indication that a bull move is now starting.
Disclaimer: This post is for educational purposes only. Trade at your own risk.
