@Max-Trade, I agree. I said 'assessment' - which could be a guess. But note carefully many people on Tradingview are busy with wild guesses and no explanation of methodology. So in a sense this has become the norm (though the house rules are against it).
@Max-Trade, There's 20 years of wave theory behind it. Why are drawings so simple? Because on social platforms, people don't spend more than a few seconds analyzing. No one is interested in a longer video. There is no time to introduce a more serious theory. Have you ever seen someone here using an RSI and explaining how they are calculated? No. Because nobody cares.
@meszaros, That's the point of these predictions, you need to throw up your idea with the analysis behind it so you can subject it to criticism to help yourself and others improve. If you just post up what looks like a guess with no idea behind it, then it is not very constructive and no point in posting it. That was my point.
@meszaros, I'll perhaps post up some of my ideas in the future. In relation to gold, my inclination is to guess it will drop back to around $1450, as the market reacted strongly to trade war tensions this week, but may re correct and set a new higher low of $1450 as the trade war tension and economic downturn threats still remain. I would probably give this roughly a 70% chance of happening, as there is still a good chance that more bad news will come. For more detail, I believe the market thought that China was manipulating it's currency in reaction to Trump which was a major reason for the big increase in the gold price as capital flew to safety, although now China has dialled back on that threat and re stabilised their currency, some of that capital will now go back into the Yuan. If you notice a lot of the gold price movement is in the Asian session.
@Max-Trade, Overall I'm bullish on gold, but for a short term trade I'd be more inclined on a pullback to $1450 rather than shooting straight up to $1550. I was interested in your theory though as to why you thought it would hit $1550 first.