Gold (GC) Nears 2023 High Ahead of FOMC

Gold (GC) is catching its breath after yesterday’s 1.5% plus surge, with GC now in the advanced stages of a consolidation since hitting a fresh 2023 high in April. With GC now comfortably back above the psychologically key 2k whole figure level, odds are elevated for a retest this week of upchannel/ascending wedge resistance (on the weekly chart)…

Gold (GC) Poised to Retest 2023 High

Gold (GC) is consolidating near ascending triangle resistance (on the 4hr and daily chart), and appears to be gearing up to retest upchannel resistance (on the weekly chart) ahead of the weekend. With GC having recovered from a brief dip Monday below the psychologically key 2000 whole figure level, odds are elevated for GC to before month end, form a fresh 2023 high and complete a Bull Flag consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com)…