Has the Gold Correction ended? Confluence Analysis (Daily Chart)
Gold has been in a Bearish Descending Channel since August 2020 after it hit the $2070 price mark.
Price formed a Double Bottom in March at the 1680 Price Area and since then, Gold has been moving in an Ascending Channel since 20th March 2021, with the Black Uptrend line in the Chart acting as support.
Gold has broken out of the Descending Channel and is heading towards the Verified Resistance in the 1948 - 2000 Supply Area. Is the Bearish Correction/ Retracement over?? We don't know, but we are expecting a retest of the broken Trendline Resistance. This will tell us if this is a real Breakout or a Fake Breakout.
We are expecting the Retest to happen around the 1824 Area which is also a Demand Area. We have Two Strong Areas of Confluence in the Chart. The Two Buy Zones are the Green Circles in the Chart.
First Buy Area:
1752 - 1764 (Untested Support + 38.2% Fibonacci Support Level + Retest of Trendline Support)
Second Buy Area:
1808 - 1824 (Verified Support + 61.8% Fibonacci Support Level + 100 SMA H4 Chart )
The last Demand Zone is the Proven Support at the 1680 Area.
This is a very sweet Chart Setup for different types of Traders. Elliot Wave Traders, Trendline Traders, Chart Pattern Traders, Supply and Demand Traders, Price Action Traders, Fibonacci Traders.
What do you think? I would love to hear your comments and suggestions.
Price formed a Double Bottom in March at the 1680 Price Area and since then, Gold has been moving in an Ascending Channel since 20th March 2021, with the Black Uptrend line in the Chart acting as support.
Gold has broken out of the Descending Channel and is heading towards the Verified Resistance in the 1948 - 2000 Supply Area. Is the Bearish Correction/ Retracement over?? We don't know, but we are expecting a retest of the broken Trendline Resistance. This will tell us if this is a real Breakout or a Fake Breakout.
We are expecting the Retest to happen around the 1824 Area which is also a Demand Area. We have Two Strong Areas of Confluence in the Chart. The Two Buy Zones are the Green Circles in the Chart.
First Buy Area:
1752 - 1764 (Untested Support + 38.2% Fibonacci Support Level + Retest of Trendline Support)
Second Buy Area:
1808 - 1824 (Verified Support + 61.8% Fibonacci Support Level + 100 SMA H4 Chart )
The last Demand Zone is the Proven Support at the 1680 Area.
This is a very sweet Chart Setup for different types of Traders. Elliot Wave Traders, Trendline Traders, Chart Pattern Traders, Supply and Demand Traders, Price Action Traders, Fibonacci Traders.
What do you think? I would love to hear your comments and suggestions.