On November 20, I sent out the following sweetspot alert and chart by email to my blog subscriber base…
“Keep a close eye on the price action of gold at the current confluence of indicators. A Swiss Stair pattern is building, the 50 EMA is set to cross back over the 200 EMA for a continuation of a Golden Cross, and the dashed topside trendline is being challenged this morning. A potential sweetspot entry lurks just ahead.”
As of 2:20pm EST today (Friday, Dec. 7), price has reached a level of substantial resistance in the low $1,250s. Note the hourly chart below. The StochRSI and DMI-ADX remain bullish but volumes are falling as price is rising today, and that divergence may indicate a correction is near.
If you are in a swing or intraday position, it would be prudent to decide before close of day whether you prefer to hold through the weekend – or take profits and re-enter after the $1,250 level is taken out on strength.
Posted on Twitter– Gold Hourly Chart December 19, 2018 10:30am EST exclusive update for followers….
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