MN CHART
Price has breached the equilibrium on the monthly range.
If Gold remains bullish, in the coming months we are likely to reach 1990 and then take out the all-time high.
MAY 2021 monthly close will be crucial for determining long-term trend. If we close strong above 1900 we are likely to
target all-time high within the coming months.
If we drop and close below 1945 we will be back within the descending channel and likely to range.
WEEKLY CHART
Price could bounce off 1899.83 however 1922.57 is also highly likely.
We have left an area of imbalance at 1800 which could be the target for deep retracement if we get a meltdown.
We have had three white soldiers so far, therefore this week could be a red candle which will agree with the expected seasonal pattern.
We could get a push-up early part of the week then a drop in the latter part of the week.
D1 CHART
The Golden Cross has now locked to the upside confirming a bullish trend on Gold.
However, the moving averages are below 1800 and we could get a reversion to the mean leading to price retracement down close to 1800.
We have had seven days of bullish price action on Gold, normally after 9 days, there is a retracement which could indicate that early part of the week we will get a push up then a drop.
So in summary overall trend is bullish, expecting a retracement before continuation.
Levels to watch for resistance and points of retracements are 1899, 1922. 1957.
Levels to watch for support are 1855, 1837 & 1800.
Price has breached the equilibrium on the monthly range.
If Gold remains bullish, in the coming months we are likely to reach 1990 and then take out the all-time high.
MAY 2021 monthly close will be crucial for determining long-term trend. If we close strong above 1900 we are likely to
target all-time high within the coming months.
If we drop and close below 1945 we will be back within the descending channel and likely to range.
WEEKLY CHART
Price could bounce off 1899.83 however 1922.57 is also highly likely.
We have left an area of imbalance at 1800 which could be the target for deep retracement if we get a meltdown.
We have had three white soldiers so far, therefore this week could be a red candle which will agree with the expected seasonal pattern.
We could get a push-up early part of the week then a drop in the latter part of the week.
D1 CHART
The Golden Cross has now locked to the upside confirming a bullish trend on Gold.
However, the moving averages are below 1800 and we could get a reversion to the mean leading to price retracement down close to 1800.
We have had seven days of bullish price action on Gold, normally after 9 days, there is a retracement which could indicate that early part of the week we will get a push up then a drop.
So in summary overall trend is bullish, expecting a retracement before continuation.
Levels to watch for resistance and points of retracements are 1899, 1922. 1957.
Levels to watch for support are 1855, 1837 & 1800.
