Gold Intraday Tues.12NOV.24: Price struggling to bounce on 1HR
Updated
The Gold price downward move is taking a breather.
But I see that a recent 1HR bounce on the RSI did not gain any momentum from the bulls.
The 4HR chart is also stalling re the same.
2 charts from 1 link are enclosed and attached.
So any significant move up by Gold on the 4HR chart (left) I would be watching the 200EMA which coincides with an important Fib level to see if price gets rejected, which I would expect to occur. But I don't think price will bounce that far up. In other words, a further move down is more likely.
We see on the Daily chart that price is now just under the 50EMA, so Gold-bears are moving on this, but we have an even greater bearish view of Gold once price moves under the 200EMA, which is really not that far down from current price (right of screen).
Thanks for reading. Monitor closely any Short-trading in Gold with stop losses, as sentiment can quickly change bullish, especially on economic news generally at the start of the NY session, but also remember that Bitcoin is not the only one in a bull-market, the same can be said that Gold continues in a Bull-market-run and what we are witnessing is a healthy correction, where price temporarily falls, for example from 2 days to 2 months. This is why price can easily bust to the upside again 'at the drop of a hat', because that is the path of least resistance.
But I see that a recent 1HR bounce on the RSI did not gain any momentum from the bulls.
The 4HR chart is also stalling re the same.
2 charts from 1 link are enclosed and attached.
So any significant move up by Gold on the 4HR chart (left) I would be watching the 200EMA which coincides with an important Fib level to see if price gets rejected, which I would expect to occur. But I don't think price will bounce that far up. In other words, a further move down is more likely.
We see on the Daily chart that price is now just under the 50EMA, so Gold-bears are moving on this, but we have an even greater bearish view of Gold once price moves under the 200EMA, which is really not that far down from current price (right of screen).
Thanks for reading. Monitor closely any Short-trading in Gold with stop losses, as sentiment can quickly change bullish, especially on economic news generally at the start of the NY session, but also remember that Bitcoin is not the only one in a bull-market, the same can be said that Gold continues in a Bull-market-run and what we are witnessing is a healthy correction, where price temporarily falls, for example from 2 days to 2 months. This is why price can easily bust to the upside again 'at the drop of a hat', because that is the path of least resistance.
Trade active
All of the important resistant areas for Gold are shown here right down to 2000.
Gold will not fall that far, in the chart I offer a couple of scenarios of where it could reach.
Trading in Gold is risky.
Educational purposes.
Note
Above is a 4HR chart but here is the Daily which shows things a bit clearerl
Note
Well, surprise surprise, I have used up my 10 TV publications entitlement for 1 day. That is fair enough, because I am a trader and not a Journalist, although I guess with how much I do write here on TV, I am somewhat of a Journo, but one that is in the know.
So I am pasting something I sent to my private readers not long ago.
In the following chart I outline why the US Dollar is about to break out in a big way and well beyond 106.
So the chart is a weekly of the USDx for the last 2 years, I defined an upper trend line which price is currently about to breakout, but there is also an RSI highlighting, no not reversals but momentum which is the correct way to use RSI especially with the trend.
Trade closed: target reached
..Note
The cash index about to go through 106. That might put Silver and gold back to bed.
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