Daily and in-day pictures of the gold price
The daily chart looks like a normal day in gold. The rally has now come to the target established in March. Simple enough. Gold will either take it out and break the 10 month long handle or it won’t.
I rarely take in-day looks at gold or any other asset or stock, but this morning I did. TradingView allows you to easily toggle time frames on these live charts.* This is the view that day traders take, watching every pop and drop in a given market or stock.
This morning gold made an uncanny bounce and decline from the upper trend channel line. This after previously breaking above it and failing that.
Ah, but these are day trader views. I don’t let them direct me because they are so noisy. Picture tens of millions of wild eyed trade jockeys also staring at every move in every 1-minute candle. But it is fun to watch the battle up close. I dialed in even closer and was watching the candles duke it out.
It may look like a classic failure at the channel line and if this were at daily chart it would be. But this thing is entirely capable to taking out the upper line if it so chooses because this is the kind of noise inside the day of any asset market traded in volume. In other words, regardless of whether or not it is ill-fated or destined for a happy resolution, the price was going to recoil from that point anyway.
* I know that sounds like a bit of salesmanship for TradingView, but I have no relationship with them other than as a satisfied customer.
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