GoNoGo Charts sees Gold struggling to stay in channel
The left GoNoGo Chart is showing daily prices for gold. This is an interesting moment.
It appears that Gold prices are trying to break out below the lower bound of a trend channel. With this price action over the last few bars we see that the GoNoGo Trend painted a couple of amber neutral bars, suggesting that the “Go” trend is under threat. in the lower panel, the GoNoGo Oscillator shows that after bearish divergence, momentum is negative and testing zero from below. Will prices fight to remain in the upward trend channel or is a drop coming?
On the right chart, we have a chart of Barrick Gold Corporation, the second largest gold mining corporation in the world.
Note how after breaking down out of its trend channel it painted several amber bars before flagging a “NoGo” and moving lower. The GoNoGo Oscillator led this change by breaking below and staying negative in the lower panel.
Will Gold follow suit?
It appears that Gold prices are trying to break out below the lower bound of a trend channel. With this price action over the last few bars we see that the GoNoGo Trend painted a couple of amber neutral bars, suggesting that the “Go” trend is under threat. in the lower panel, the GoNoGo Oscillator shows that after bearish divergence, momentum is negative and testing zero from below. Will prices fight to remain in the upward trend channel or is a drop coming?
On the right chart, we have a chart of Barrick Gold Corporation, the second largest gold mining corporation in the world.
Note how after breaking down out of its trend channel it painted several amber bars before flagging a “NoGo” and moving lower. The GoNoGo Oscillator led this change by breaking below and staying negative in the lower panel.
Will Gold follow suit?
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