Gold Breaks Out of Range to Close a New Yearly High
Gold rose 12.4 points to to close at a new yearly high of 1250.7. This puts the C wave firmly back in play with an expected target of 1277.7.
Price on the Volume Profile charts has now extended past both the short term and intermediate term value areas which suggests that price will now move higher, attempting to fill in the profile at the higher end. The 3 days starting from election day have very large candles which means that not alot of volume was accumulated at that time. These illiquid trading days tend to get re-visited and filled out.
Finally, on the Heikin-Ashi chart, we now have 2 strong, consecutive green candles. The way that price is now moving away from the 6/8 day moving averages is a classical beginning of a new wave.
Disclaimer: This post is for educational purposes only. Trading is at your own risk.
Price on the Volume Profile charts has now extended past both the short term and intermediate term value areas which suggests that price will now move higher, attempting to fill in the profile at the higher end. The 3 days starting from election day have very large candles which means that not alot of volume was accumulated at that time. These illiquid trading days tend to get re-visited and filled out.
Finally, on the Heikin-Ashi chart, we now have 2 strong, consecutive green candles. The way that price is now moving away from the 6/8 day moving averages is a classical beginning of a new wave.
Disclaimer: This post is for educational purposes only. Trading is at your own risk.
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