Gold (GC) Weekly MACD Trying to Positively Cross

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Gold (GC) is firming in today's Asia morning after seeing a bit of profittaking yesterday, and appears to be readying to resume a rally following last week's break above downchannel resistance (on the daily chart). Significantly, GC is reclaiming the key 1200 whole figure level, and playing catchup with the relatively stronger performing GBPUSD and EURUSD as the US Dollar takes a breather following its notable gains since late April. The catalyst for the next push higher for GC today could be the US Retail Sales (and US Core Retail Sales) at 830am EST. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to entering long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

Gold (GC) Weekly/Daily/4hr

GC (Gold) Technical Analysis

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