$GOLD ready to shine some more?

$GOLD ready to shine some more?


April 2023


Alex Cole

$GOLD reentered a “Go” trend in March as momentum moved into positive territory.

GoNoGo Trend painted mostly strong blue “Go” bars as price rose to a high in early April.  A Go Countertrend Correction Icon (red arrow) suggested that price might struggle to go higher in the short term and since then we have seen price correct away from the high on weaker aqua bars.  This coincides with the resistance we saw on the chart from a prior high earlier in the year. GoNoGo Oscillator has fallen to test the zero line from above and we see the beginnings of a GoNoGo Squeeze grid building.  We will watch closely to see if the oscillator can find support and break back into positive territory.  If it does, this would indicate momentum staying on the side of the “Go” trend and might give price the push it needs to make another attack on a new high.