Gold continues to struggle to find direction. When we last looked at Gold we said “We will be looking closely at the GoNoGo Oscillator in the coming few days to see if it can find support at zero.” Here we are, still watching the zero line and the GoNoGo Squeeze is on!
The GoNoGo Squeeze in the lower panel (grey arrow) is showing extremely reduced volatility as you’d expect during a consolidation like this.
The larger trend is a “Go”, I’ll post that chart as an update, and so the more likely scenario here is that the Squeeze ends with the GoNoGo Oscillator rallying off zero leading price to try to make new highs around 1750.
The GoNoGo Squeeze in the lower panel (grey arrow) is showing extremely reduced volatility as you’d expect during a consolidation like this.
The larger trend is a “Go”, I’ll post that chart as an update, and so the more likely scenario here is that the Squeeze ends with the GoNoGo Oscillator rallying off zero leading price to try to make new highs around 1750.
