IMO the Hourly chart is showing that downside is limited.
After the Golden Cross was formed, there was a pulled back, Divergence, that was completed at FBR 38.2%. This consolidation sets the foundation for the continuation of the move forward in the same direction. With all the moving averages now aligned the upward trend is assured. It is now trending within the channel. A mild correction is on the horizon, with strong support currently at 1.85.
The current price tug-of-war is between the possible POG correction, and the anticipation of good news in tomorrow's announcements. Who will win is anybody's guess, but some people did say buy on rumours and sell on news, only if you are trading short term.
GOLD FEVER, page-459
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Last
$1.80 |
Change
0.040(2.28%) |
Mkt cap ! $1.944B | |||
| Open | High | Low | Value | Volume |
| $1.80 | $1.81 | $1.78 | $7.617M | 4.251M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 37263 | $1.79 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.80 | 215195 | 13 |
View Market Depth
| Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
| GOR (ASX) Chart |