GOLD: Intraday Chart
We’re starting the New Year out looking at the intraday GOLD market to assess how it stands.
First observations are that we’re in a weak position on the hourly and even on the daily with (Excalibur Method) SELL triggers already given twice.
Check out the chart . . .
The red ovals show the first points of trend change. Keep in mind we’re looking at half-hour bars here, so, this trend is short for the short-term within the larger trend. Expect a drop from here especially if we complete a half-hour bar whose range is largely lower than the oval indicated price area of $1154.
An uptrend will require that we take out the $1192 price level with bars and their ranges above this price. Again, this would be an extremely short-term trend.
This is just a preliminary look at GOLD, we look deeper in the coming days ahead. – George