Given that we are close to the end of the month I will be keeping my watch list lite. Further more I don’t see a lot of setups on the daily time frame. However I have been following a few setup thats been in the works on the Weekly and Monthly time frame. I will be posting these later on.
As for this week I only have GOLD on my watch list.
As you can see from the weekly chart below price is bouncing off the weekly 50 ema and also is supported by the dynamic up trend line rite below. What is also interesting is that on the Monthly, Weekly and Daily time frames the 50 ema is greater than the 60 ema and is signalling the build up of Bullish strength. This alone isn’t enough for me the pull the trigger. What supports all of this is how price has been acting.
If you look at the Daily time frame you see that following the up move price started to flag and consolidate at the top of the range. Late Friday price was able to break above the flags high and close as a break out. What supports are LONG bias on the chart below is that this flag had both the emas wrapping price from below increasing the Bullish sentiment.
Now if you go down to the 4h timeframe you will see that price has successfully closed above the consolidation area.
Also supporting a LONG base is the MACD indicator which is about the cross above the zero line.