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Right after this month’s FOMC meeting concluded and Chairman Powell held his regular press conference, gold began to move into uncharted territory. As of 5:40 PM EDT, gold futures basis most active April contract is currently fixed at $2183.80,which is a net loss of $6.30, or 0.29% today. However, the history that was made today was not in gold’s closing price but rather its intraday high.
On March 11, gold traded to a higher close, gaining $2.80 and closing at $2189. The strong price advance over the seven days created the “pole” of the bullish flag formation. For the next six days, from March 12 through March 19, the flag was created as gold consolidated with a downside bias. Although gold has retraced from those highs at the time of writing, the pattern identified can be used to project where the current rally in gold could conclude. The projection is based upon measuring the price move from the beginning to the end of the “pole”, and then projecting that same distance from the bottom of the flag.
has been a technical market analyst for 25 years. A frequent contributor to STOCKS & COMMODITIES Magazine, he has also written for Futures Magazine as well as Barrons. He is the executive producer of"The Gold Forecast," a daily video newsletter.
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