Below in this Linked Related Idea (sorry if the charts a little messy too much analysis over the years) - we see that History does in fact repeat its self. The second flag pattern is coming to an end transitioning to the next leg up ? - However there's still room for down side.
Currently buyer interest is increasing and RSI Daily TF is showing a slow shift in buyer momentum after being quite oversold now for some time, there's also elements of bullish divergence which on longer TFs its nice to see. When looking at historical price action we can in fact see in 2020 Apr-Jun there is mass consolidation around 1680s range. This level has seem to held quite nicely over past few days and I feel it will be a hard level to crack.
With that being said going down to smaller 4hr/1hr TFs we see price is respectfully breaking down inside a falling wedge / trend. Moving avgs are close to crossing to the upside although more price action is needed, I do see the next price range of 1705-17 being very important for gold to breakout, 764. will be a key for me to get into a buy.
On the other hand the wedge is still in motion and is being respected. Therefore I think Gold could do something similar to what I've drew out, there will either be a Breakout of the wedge - test of the 764 - reject then retest the top of the wedge - to then continue back on a bullish run. Or the trend will continue short bias to 1670. Then if the historic support from Apr - Jun 2020 holds true we will see a breakout. Else 1670 goes then I will have to be short bias I will need to see this 1670/80 level of support break.
Currently buyer interest is increasing and RSI Daily TF is showing a slow shift in buyer momentum after being quite oversold now for some time, there's also elements of bullish divergence which on longer TFs its nice to see. When looking at historical price action we can in fact see in 2020 Apr-Jun there is mass consolidation around 1680s range. This level has seem to held quite nicely over past few days and I feel it will be a hard level to crack.
With that being said going down to smaller 4hr/1hr TFs we see price is respectfully breaking down inside a falling wedge / trend. Moving avgs are close to crossing to the upside although more price action is needed, I do see the next price range of 1705-17 being very important for gold to breakout, 764. will be a key for me to get into a buy.
On the other hand the wedge is still in motion and is being respected. Therefore I think Gold could do something similar to what I've drew out, there will either be a Breakout of the wedge - test of the 764 - reject then retest the top of the wedge - to then continue back on a bullish run. Or the trend will continue short bias to 1670. Then if the historic support from Apr - Jun 2020 holds true we will see a breakout. Else 1670 goes then I will have to be short bias I will need to see this 1670/80 level of support break.
Comment:
check the related idea below first!
Comment:
The top of the Wedge has been broken again. The push up towards the 1700s resistance, has seemed to acted as a temporary roof for price action. I feel price action will reset, I now would like to see a clean test off the wedge back towards the 1695 area give or take. If that area holds true, I will be in position building mode.
