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

TraderStef on Twitter

Website: https://traderstef.com

porc dont tread on me

NONE of the content produced by TraderStef, staff members, or any services associated with this website should be construed as financial or investment advice. Financial investment is a risky endeavor and may lead to substantial loss. Always perform due diligence before undertaking any financial decision.  Not a Financial Advisor. 

Copyrighted Material – A “by TraderStef” credit linked back to this website is required when using any quotes, technical analysis charts, or publishing a partial version of an article.