Gold Chart Exclusive for Precious Hour Subscribers

Gold Chart Exclusive for Subscribers - Technical Analysis by TraderStef

A quick peek at the gold spot chart this morning for my website followers. In order to put this snapshot into perspective, revisit the charts from my Apr. 8 analyses and note the Apr. 14 Tweet copied below.  To view a larger version of the following chart, right-click on it and choose your “view image” option.

Gold $1,800 Heads Up with Consolidation at $1,700/33 first - Technical Analysis by TraderStef

Gold 4-hour chart as of Apr. 22, 2020 at 7:35am EST…

Gold 4-Hour Chart April 22, 2020 7:35am EST - Technical Analysis by TraderStef

The price action is positive at $1,700 but not quite out of the woods. A double top (Mar. 14-15: $1,747 & $1,739 high) Big-M pattern set the stage for a needed breather and consolidation after a spectacular recovery out of the Bear Trap. Price is making progress this morning with a peek out of the Half Staff Flag‘s topside trendline and remains above the 50 Exponential Moving Average (EMA). There is a confluence of lateral resistance that must be dealt with around the $1,700 area before moving onward. The gold chart remains bullish so stay on your toes.

  • UPDATE Apr. 23-24… Gold spot printed a $1,739 high, closed at $1,727 for the week.
  • UPDATE Apr. 29, 6:30pm ESTTrader Twitter April 29 Gold Chart Update
  • UPDATE May 1, 7:30am EST… near-term potential for the Inverse H&S continuation pattern on the gold spot charted on Apr. 29, cancelled itself out over night, but could be morphing into a Big-W.  Stay tuned as gold is bullish.

We are approaching the end of spring seasonality.

RIP Prince (April 21, 2016) – Sometimes It Snows in April

Plan Your Trade, Trade Your Plan

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