After the great bull run we had since december and the double top formed. It's time for us to go back to the drawing board.
Overall I'm expecting a good year for metels and the bull run so far, with 3% moves confirmes the market readiness for gold this year and possible targets above 1400.
Having A as lower top from E, we might consider that it's trend is double top and it will retrace. The question in short term will be how far it will retrace. It feels like gold needs to touch at least B to keep the well crafted uptrend.
That said, we assume more bearish scenario too, in which the USD gains to previous levels above 92, then we can devalue gold to 2017's bottom
(B-D) and even test 2015-2017's (purple line).
That's basic setup so far, i'll continue working on it.
Share your thoughts.
Overall I'm expecting a good year for metels and the bull run so far, with 3% moves confirmes the market readiness for gold this year and possible targets above 1400.
Having A as lower top from E, we might consider that it's trend is double top and it will retrace. The question in short term will be how far it will retrace. It feels like gold needs to touch at least B to keep the well crafted uptrend.
That said, we assume more bearish scenario too, in which the USD gains to previous levels above 92, then we can devalue gold to 2017's bottom
(B-D) and even test 2015-2017's (purple line).
That's basic setup so far, i'll continue working on it.
Share your thoughts.
