Gold Hourly Analysis - Bulls Stepping In

Posted by Bruce Levy on

Hourly Gold chart has begun to consolidation and is showing a spike in volume on the 8AM print after testing prior lows from yesterday's mid day session. 

As price trades up to the top of the 1 hour Linear Regression Channel we look for rejection activity.

In addition, the most immediate resistance levels are found between 1248-1250. If price is able to pass through this level we can expect a test of prior days high.

As technical traders we are not looking to predict, but rather to base decisions on scenarios that occur. Often what the market cannot do is the biggest clue to look for.

 

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