Originally published by Chamber of Merchants
Gold 1 Hour Chart + TEMA (49 day)
(Updated below)
As a Merchant, I’m not really into short term transactions. But here is a short term perspective of what I’m following for interest’s sake in gold:
Gold is pressing up against the $1216 resistance of the upper short term trading channel.
I still expect a push back down to $1190-$1200. However, if the gold price and the 49 Day Triple Exponential Moving Average (BLUE LINE) both move above $1230 I would view this as a partial flag that the reversal and rebound are in progress. Of course, all of this depends on the US dollar, euro, yen, Australian dollar and pound…
I’ll post again shortly.
No guarantees. But interesting nonetheless.
UPDATE:
We just tagged the 49 TEMA…Let’s see if it gets the bounce into the trading channel:
