Below are the charts of gold futures and crude oil 4 hour charts. Each candle stick is 4 hours allows us to look back 1-2 months while still being able to see all the intraday price action (pivot highs, pivot lows, strong volume spikes and if they were buyers or sellers…).
The 4 hour chart is one time frame most traders overlook but from my experience I find it to be the best one for spotting day trades, momentum trades and swing trades which pack a powerful yes quick punch.
As you can see below with the annotated charts both gold (NYSEARCA:UGL) and silver (NYSEARCA:AGQ) are setting up for higher prices in the next 1-2 weeks from a technical point of view. That being said we may see a couple days of weakness first before they start moving up again.
4 Hour Momentum Charts of Gold & Oil:
Watch Full Video Analysis:
By: Chris Vermeulen – www.GoldAndOilGuy.com