Just an personal idea not a trading advice. Gold follows an arch pattern descending to retest 1675 and if this mark holds then we can expect to create bullish channel for coming week from there.
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Gold did not break resistance at 1740 and it is still heading for double bottom 1670 retest in coming weeks. Lets see if 1700 will hold on Monday opening. Cheers
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As expected we are aiming for 1670 retest from 4 weeks ago.
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Gold as predicted reached 1670 retest zone, if it can hold on support line here for tonight London opening and morning NY opening there is a chance we can get back up to bullish uptrend from here... If gold breaks bellow 1670 we might see 1500 as next bearish channel from here... Just thinking loud since I do not trade this, but very interesting crossroad not for just gold but all metals in general :) Enjoy
Comment:
Gold double bottom retest of 1670 was confirmed at the end of last week and now we can expect it to go to 1780 resistance zone. If 1780 holds up go will then dip again and stays in bearish channel in which it is since Aug 2020... But if gold breaks 1780 and stays above it with weekly close then we can predict gold going back to 1860 in coming weeks. Just personal observation, no trading involved so stay safe and enjoy the ride. Lets see soon :)
Comment:
So after 2 weeks of predicted rising from double bottom tested 1670 support zone as you can see the gold reached expected strong resistance at 1780.
Gold is in very strategic position for monthly closing IMO. It has successfully broke from the bearish channel in which it was running till last week from January 7 but it is still within the stronger August 2020 bearish channel which so far dictated its dropping levels for 9 months.
The last time gold tried to break out of this falling channel on March 22 it was not successful and after strong drop it reached 1 year low from March 9 2020. What it means for gold now?
Gold needs a big momentum to break through 1790 so it can try to reach the next target on the way to bull long position which would be crossing 1860 resistance zone! I think the gold finally could have a chance after a year of dropping to break out of this August 2020 bearish channel. In order to do so it might need one more pull back before it tries to break 1780 resistance so, it might form head H&S position which is I think already in making LS 1760 Head 1780 right shoulder not formed yet. After this the gold will drop down a bit to 1750 support line which is running from March 30, 2021 and use this volume of support to come back and break 1780 from today closing zone.
Then we can see gold gaining a momentum to rise in break up towards 1860 zone and if the support is there break it out of the bearish channel.
Interesting week for all metals, EV materials were influenced by gold bearish momentum the most, the next week of consolidation might show us how future couple months could look like for metals in this booming zone.
Enjoy the sunny weekend and do not believe what you see on the covers of the magazines :) Stay safe and enjoy... cheers
Gold is in very strategic position for monthly closing IMO. It has successfully broke from the bearish channel in which it was running till last week from January 7 but it is still within the stronger August 2020 bearish channel which so far dictated its dropping levels for 9 months.
The last time gold tried to break out of this falling channel on March 22 it was not successful and after strong drop it reached 1 year low from March 9 2020. What it means for gold now?
Gold needs a big momentum to break through 1790 so it can try to reach the next target on the way to bull long position which would be crossing 1860 resistance zone! I think the gold finally could have a chance after a year of dropping to break out of this August 2020 bearish channel. In order to do so it might need one more pull back before it tries to break 1780 resistance so, it might form head H&S position which is I think already in making LS 1760 Head 1780 right shoulder not formed yet. After this the gold will drop down a bit to 1750 support line which is running from March 30, 2021 and use this volume of support to come back and break 1780 from today closing zone.
Then we can see gold gaining a momentum to rise in break up towards 1860 zone and if the support is there break it out of the bearish channel.
Interesting week for all metals, EV materials were influenced by gold bearish momentum the most, the next week of consolidation might show us how future couple months could look like for metals in this booming zone.
Enjoy the sunny weekend and do not believe what you see on the covers of the magazines :) Stay safe and enjoy... cheers