Gold Trades Higher but Runs into Resistance
Gold traded higher today, closing at 1240.1, up 5.8 points on the day. While the move was great for the bulls, the precious metal ran into strong resistant @1243.7, the highs from last week. If Gold continues to move up tomorrow, that will mark the 3rd consecutive week up and the 7th out of the last 8 weeks. Here's the weekly chart:
On the main chart above, I've labelled the short term and intermediate waves for this bull run that started on the 23rd of December last year. The measured move of that (A) wave would put price at 1274.3. That's the intermediate wave. The measured move of the short term wave, the minor (a) that started on January 27, would put price at 1283. I've labeled those waves on the chart and put a rectangle at the projected area.
The Heikin-Ashi chart shows a strong green candle for today, with a nice wick at the top and no wick on the bottom. That's about as strong a HA candle as you can get.
The volume profile chart shows that today we moved out of the short term value area but are meeting resistance at the top of the intermediate term value area. If price can push higher, there's a low volume area at the 1248 area that could provide some resistance.
Disclaimer: this post is for educational purposes only. Trade at your own risk.
On the main chart above, I've labelled the short term and intermediate waves for this bull run that started on the 23rd of December last year. The measured move of that (A) wave would put price at 1274.3. That's the intermediate wave. The measured move of the short term wave, the minor (a) that started on January 27, would put price at 1283. I've labeled those waves on the chart and put a rectangle at the projected area.
The Heikin-Ashi chart shows a strong green candle for today, with a nice wick at the top and no wick on the bottom. That's about as strong a HA candle as you can get.
The volume profile chart shows that today we moved out of the short term value area but are meeting resistance at the top of the intermediate term value area. If price can push higher, there's a low volume area at the 1248 area that could provide some resistance.
Disclaimer: this post is for educational purposes only. Trade at your own risk.
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