Updated from the original publish 2 days ago, Gold drops through target at T and has broken through the significant purple s/r zone. Another target can be seen lower and we are watching for a potential pause (consolidation) from the multiple trend supports that can be seen.
A retest of the zone that has just been moved through would be normal market movement. Gann target at G is still in line but will require some quick moves; similar to what can be seen from the top of the triangle at S.
While the target at G is the long term outlook, watch the market if it reaches the lower black dashed channel. This, as well as the other technicals that can be seen offer aggressive trigger considerations if the market continues to drop off.
A retest of the zone that has just been moved through would be normal market movement. Gann target at G is still in line but will require some quick moves; similar to what can be seen from the top of the triangle at S.
While the target at G is the long term outlook, watch the market if it reaches the lower black dashed channel. This, as well as the other technicals that can be seen offer aggressive trigger considerations if the market continues to drop off.
Andrew J.D. Long, MFTA
MATASII.com
MATASII.com
