Which way for Gold? GoNoGo Charts points to key oscillator level
There is a lot here to look at! But the GoNoGo Chart tries to make it easy to understand. The daily trend is a “Go”, although we have seen a lower high and the appearance of consolidating price action.
We will be looking closely at the GoNoGo Oscillator in the coming few days to see if it can find support at zero. Remember, if the trend is healthy, momentum should stay positive and the GoNoGo Oscillator should bounce off the zero line.
To see this concept in action, look at the arrows on the lower panel highlighting the importance of having the objective zero line as support or resistance depending on the trend that has been identified by the GoNoGo Trend.
If the GoNoGo Oscillator rallies from zero we expect price to remain a “Go” and to test 1740 and push for a new high. If it fails at zero and turns negative, look for price to come back further.
We will be looking closely at the GoNoGo Oscillator in the coming few days to see if it can find support at zero. Remember, if the trend is healthy, momentum should stay positive and the GoNoGo Oscillator should bounce off the zero line.
To see this concept in action, look at the arrows on the lower panel highlighting the importance of having the objective zero line as support or resistance depending on the trend that has been identified by the GoNoGo Trend.
If the GoNoGo Oscillator rallies from zero we expect price to remain a “Go” and to test 1740 and push for a new high. If it fails at zero and turns negative, look for price to come back further.
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