Gold rallied hard today, gaining almost 20 points on the day. On the way to the new monthly high for April, Gold shot past last Friday's high and didn't pause as it continued it's ascent to the outer Bollinger Band, which is set at 2 Std Dev from the midline. Monday's red Heikin-Ashi candle is now well in the rear-view mirror as well. And all along, the haDelta indicator did not flash red, staying a solid blue since April 4.
Most of the time, after a big move in Gold, the market pauses for a day before giving any signal of the next move. I am watching for a pullback to the inner 1.5 Bollinger Band (which is at 1270) which is also at the same level as the Keltner Channel (yellow). A nice rejection of that level would indicate that a new up wave in the precious metal is about to begin.
Bullish Heikin-Ashi chart
Disclaimer: This post is for educational purposes only. Trading is at your own risk.
Most of the time, after a big move in Gold, the market pauses for a day before giving any signal of the next move. I am watching for a pullback to the inner 1.5 Bollinger Band (which is at 1270) which is also at the same level as the Keltner Channel (yellow). A nice rejection of that level would indicate that a new up wave in the precious metal is about to begin.
Disclaimer: This post is for educational purposes only. Trading is at your own risk.
