GoNoGo Charts: Gold looking to test upper bound of trend channel
Since we last looked at Gold, it has been able to stay in a “Go” trend, making slightly higher highs and higher lows.
On the last bar, we saw a green re-entry icon, signaling that momentum went from neutral to positive while in a “Go” trend, typically a good entry point.
However, it is also true that overall, momentum has been falling and we can see that in the GoNoGo Oscillator panel below.
As long as the GoNoGo Oscillator can find support at zero, price should be able to rally and test the top of the trend channel that it is in.
On the last bar, we saw a green re-entry icon, signaling that momentum went from neutral to positive while in a “Go” trend, typically a good entry point.
However, it is also true that overall, momentum has been falling and we can see that in the GoNoGo Oscillator panel below.
As long as the GoNoGo Oscillator can find support at zero, price should be able to rally and test the top of the trend channel that it is in.
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