Gold (GC) Nearing 38.2% Fib Retrace of April-August Fall

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Gold (GC) is edging higher going into today's European morning, nearing upchannel resistance (on the 4hr chart). Significantly, GC has decisively broken above downchannel resistance (on the weekly chart). Once GC reclaims the October high, it should just be another day or so before it challenges upchannel resistance (on the daily chart) and the 38.2% Fib retrace of the April to August fall. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating. I am looking at going long in the green zone (of the daily chart), targeting the red zone for early next week. 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

Gold (GC) Technical Analysis

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