Lets assume Gold can continue the uptrend here are my possible Target Areas for the next couple of Weeks.
1. First Daily Cycle from possible ICL (1122 to 1220)
That first upmove lasted for around 22 days and reversed with a double Top down into a half DCL that only took 4 days. We bounced at Fibo 38.2 (1182) and this opend up target area -38.2 (1257). Marked by red arrows in the chart.
2. Second Daily Cycle (1182 to 1264)
Our second upmove lasted 21 days and reversed into a sharp DCL this lasted for 8 days to and bounced on daily above Fibo lvl 78.6 (1198)
Reversal Facts
- The reversal happend on good NFP Data (normaly bearish for Gold)
- FED Rate Hike Bets are now at 100% for next Week (15th March)
- Very nice bullish Volume that took out the last 2 bearish Candles Volume
This could indicate that the USD (DXY) will fall more on a rate Hike (maybe Gold spikes down a bit but it should reverse after that and start to rise again)
Possible Target Areas:
1. Shortterm Downtrendline Turkis (Target around 1240-1250)
This would not be good for a bigger bullish view cause of a lower low. Could indicate that we will retest the December 16 Lows at 1122 or dip even lower.
2. Multiyear Downtrendline Red (Target around 1280-1290)
This would produce a higher high we might reverse there again. After that it depends a lot on Stocks and when they are going to reverse into ICL
3. Fibo Target Area (Target around 1330)
This would be strongly bullish Scenario for Gold. If we achieve this level its most likely that we will reverse around that Level and testback the Multiyear Downtrend Line again.
Your Comments are appreciated
Cheers
1. First Daily Cycle from possible ICL (1122 to 1220)
That first upmove lasted for around 22 days and reversed with a double Top down into a half DCL that only took 4 days. We bounced at Fibo 38.2 (1182) and this opend up target area -38.2 (1257). Marked by red arrows in the chart.
2. Second Daily Cycle (1182 to 1264)
Our second upmove lasted 21 days and reversed into a sharp DCL this lasted for 8 days to and bounced on daily above Fibo lvl 78.6 (1198)
Reversal Facts
- The reversal happend on good NFP Data (normaly bearish for Gold)
- FED Rate Hike Bets are now at 100% for next Week (15th March)
- Very nice bullish Volume that took out the last 2 bearish Candles Volume
This could indicate that the USD (DXY) will fall more on a rate Hike (maybe Gold spikes down a bit but it should reverse after that and start to rise again)
Possible Target Areas:
1. Shortterm Downtrendline Turkis (Target around 1240-1250)
This would not be good for a bigger bullish view cause of a lower low. Could indicate that we will retest the December 16 Lows at 1122 or dip even lower.
2. Multiyear Downtrendline Red (Target around 1280-1290)
This would produce a higher high we might reverse there again. After that it depends a lot on Stocks and when they are going to reverse into ICL
3. Fibo Target Area (Target around 1330)
This would be strongly bullish Scenario for Gold. If we achieve this level its most likely that we will reverse around that Level and testback the Multiyear Downtrend Line again.
Your Comments are appreciated
Cheers
Comment:
Attached H4 chart - ill add longs if we manage to break above upper Channel Trendline / EMA20 (currently around 1206-1208)
Comment:
First Target should be around 1252 - 1247
Buy on Dip Scheme
Possible Entries:
Backtest EMA200 on H4 (around 1219)
1223 is a support level
1218 is a support level
Buy on Dip Scheme
Possible Entries:
Backtest EMA200 on H4 (around 1219)
1223 is a support level
1218 is a support level