With this analysis, I would like to bring you closer to several formations that could drive the gold price up in the long term, at the end I also go into the current happening in the hourly chart.
1. Superior Cup and Handle Formation in the Monthly Chart
As you can clearly see in the monthly as well as in the weekly or also in the daily chart, the price action in the chart from 17.09.2012 to 16.07.2020 has formed a cup formation and has broken through the former resistance of 1832.0 on 21.07.2020 and has formed a new all-time high at 2077.0 on 07.08.2020.
After reaching the all-time high, the price trend went into Henkel formation.
On the days 08.03.2021, 31.03.2021 and on 09.08.2021, the price touched the 0.382 Fibonacci three times and created a significant support line in this area which I set at 1675.7, and see a good bottom as Henkel formation.
Further support lines for a final handle I have set at 1531.9 and at 1442.5 the latter falling on the 0.618 Fibonacci.
I define the price targets of the cup formation at the following price targets:
Target 1 2081.7
Target 2 2321.6
Target 3 (main target) 2613.4
Target 4 2980.0
Target 5 3346.5
Target 6 ( Nice to have ) 4410.0
Timestemp
2. Reversal Pattern 1 W Formation in Daily Chart
On 08.03.2021 the price formed the Left Low of the W Formation at 1677.1, the Right Low was formed on 31.03.2021 at 1677.6 confirmed the W Formation on 06.05.2021 at 1816.8.
Since the low of the W formation was not broken on 09.08.2021, it remains valid with a price target of 1954.6.
Timestamp
Reversal Pattern 2 Bullish SKS Formation .
On 06/28/2021, a Bullish Shoulder Head formation started to form and formed the Left Shoulder at 1750.8.
The Head was formed on 09.08.2021 at 1679.1.
The Right Shoulder formed on 29.09.2021 at 1721.8.
Currently, the formation is in the confirmation phase which would be completed at 1834.3.
The price targets that I can read from the SKS formation are:
Target 1 1918.3
Target 2 1954.6
Target 3 (main target) 1992.2
Timestemp
Reversal Pattern 3 Projected Superior W Formation
On 08.03.2021 the price formed the Left Low of the Projected W Formation at 1677.1, the Right Low formed on 09.08.2021 at 1679.1
If the price reaches a height in the range of the all-time high at 2077.0, and breaks through this after a so-called retest to the upside, I calculate price targets based on this formation of:
Target 1 2215.2
Target 2 2451.4
Target 3 2455.9
Timestamp
Current Situation
In the Current Situation the course is dominated by an Anti Cypher in combination with an Intra Seapony in a Wolf's Mouth
Conservative rule startup 1 is at 1795.9 and has already been reached.
Conservative Rule Startup 2 is at 1784.9 and has already been achieved.
The Conservative Rebound 127 is at 1754.4.
Aggressive Startup 1 is at 1793.5 and has already been reached.
The aggressive control startup 2 is at 1781.1.
The aggressive rebound 127 is at 1746.1.
The Seapony's target is at 1776.5 and the extension to the Seahorst is at 1739.1
The Wolf's target is located between the Conservative / Agressive Rebound 127 and the Seahorst
Timestamp
Notice. I am not a trained investment advisor and this is not investment advice, the analysis is merely for the exchange of views and for scientific purposes.
Always inform yourself independently and get the advice of an investment advisor before they make decisions.
Consider also that the trade with financial products, with risks are connected.
In none of my contribution it concerns a report-requiring action recommendation gem. §86 Abs. 1 securities trade law (WpHG).
1. Superior Cup and Handle Formation in the Monthly Chart
As you can clearly see in the monthly as well as in the weekly or also in the daily chart, the price action in the chart from 17.09.2012 to 16.07.2020 has formed a cup formation and has broken through the former resistance of 1832.0 on 21.07.2020 and has formed a new all-time high at 2077.0 on 07.08.2020.
After reaching the all-time high, the price trend went into Henkel formation.
On the days 08.03.2021, 31.03.2021 and on 09.08.2021, the price touched the 0.382 Fibonacci three times and created a significant support line in this area which I set at 1675.7, and see a good bottom as Henkel formation.
Further support lines for a final handle I have set at 1531.9 and at 1442.5 the latter falling on the 0.618 Fibonacci.
I define the price targets of the cup formation at the following price targets:
Target 1 2081.7
Target 2 2321.6
Target 3 (main target) 2613.4
Target 4 2980.0
Target 5 3346.5
Target 6 ( Nice to have ) 4410.0
Timestemp
2. Reversal Pattern 1 W Formation in Daily Chart
On 08.03.2021 the price formed the Left Low of the W Formation at 1677.1, the Right Low was formed on 31.03.2021 at 1677.6 confirmed the W Formation on 06.05.2021 at 1816.8.
Since the low of the W formation was not broken on 09.08.2021, it remains valid with a price target of 1954.6.
Timestamp
Reversal Pattern 2 Bullish SKS Formation .
On 06/28/2021, a Bullish Shoulder Head formation started to form and formed the Left Shoulder at 1750.8.
The Head was formed on 09.08.2021 at 1679.1.
The Right Shoulder formed on 29.09.2021 at 1721.8.
Currently, the formation is in the confirmation phase which would be completed at 1834.3.
The price targets that I can read from the SKS formation are:
Target 1 1918.3
Target 2 1954.6
Target 3 (main target) 1992.2
Timestemp
Reversal Pattern 3 Projected Superior W Formation
On 08.03.2021 the price formed the Left Low of the Projected W Formation at 1677.1, the Right Low formed on 09.08.2021 at 1679.1
If the price reaches a height in the range of the all-time high at 2077.0, and breaks through this after a so-called retest to the upside, I calculate price targets based on this formation of:
Target 1 2215.2
Target 2 2451.4
Target 3 2455.9
Timestamp
Current Situation
In the Current Situation the course is dominated by an Anti Cypher in combination with an Intra Seapony in a Wolf's Mouth
Conservative rule startup 1 is at 1795.9 and has already been reached.
Conservative Rule Startup 2 is at 1784.9 and has already been achieved.
The Conservative Rebound 127 is at 1754.4.
Aggressive Startup 1 is at 1793.5 and has already been reached.
The aggressive control startup 2 is at 1781.1.
The aggressive rebound 127 is at 1746.1.
The Seapony's target is at 1776.5 and the extension to the Seahorst is at 1739.1
The Wolf's target is located between the Conservative / Agressive Rebound 127 and the Seahorst
Timestamp
Notice. I am not a trained investment advisor and this is not investment advice, the analysis is merely for the exchange of views and for scientific purposes.
Always inform yourself independently and get the advice of an investment advisor before they make decisions.
Consider also that the trade with financial products, with risks are connected.
In none of my contribution it concerns a report-requiring action recommendation gem. §86 Abs. 1 securities trade law (WpHG).