After a strong correction that amounted to around a 10% drop, Gold seems to have found some support.
Although the GoNoGo Trend is still a “Go”, the correction has caused the indicator to paint paler blue bars, indicating weakness.
Importantly, the GoNoGo Oscillator has crashed to the zero line. There has been strong positive momentum during this most recent run and the correction we have just experienced has caused that momentum to disappear.
For the “Go” trend to continue, the Oscillator should find support at the zero line and if it can rally back into positive territory then price should do the same.
If the zero line does not hold as support, then the “Go” trend would be further threatened.
Although the GoNoGo Trend is still a “Go”, the correction has caused the indicator to paint paler blue bars, indicating weakness.
Importantly, the GoNoGo Oscillator has crashed to the zero line. There has been strong positive momentum during this most recent run and the correction we have just experienced has caused that momentum to disappear.
For the “Go” trend to continue, the Oscillator should find support at the zero line and if it can rally back into positive territory then price should do the same.
If the zero line does not hold as support, then the “Go” trend would be further threatened.
