$GOLD breaking down into “NoGo”

$GOLD breaking down into “NoGo”


May 2023


Alex Cole

$GOLD sees a new "NoGo" trend emerge.

After making a higher high earlier this month, we see price has quickly corrected after the Go Countertrend Correction Icon (red arrow).  The support that some might have expected at the horizontal level was not found, and we now see price breaking to a new short term low on a pink "NoGo" bar. This comes after a couple of amber "Go Fish" bars of uncertainty.  GoNoGo Oscillator broke into negative territory on 5/11 and then quickly retested the zero level and got turned away.  This tells us that momentum is now resurgent in the direction of the new "NoGo" trend.