Gold is trading on a strong daily support.
Harmonic ABCD was formed.
The price formed a nice dodji candle after a pattern completion.
Based on that I expect to see a bullish move next week.
Gold is still trading within a wide horizontal trading range on a daily.
1765 is its low and 1965 is its high.
Based on a current price action I see two potential scenarios:
1 - The price may respect the drop to support of the range and continue trading within the underlined boundaries consolidating
2 - The price may...
Though gold was quite impulsive and bullish on Thursday and Friday,
analyzing 4H structure we can notice that the price is currently stuck within an expanding range with equal highs and lower lows.
It is a classic variation of a sideways consolidating market.
Being bullish biased, we must admit that the...
For a quite long period of time, I remain bullish biased on gold .
Wednesday's bullish move and bullish violation of a falling trend line on 4H was a quite important bullish clue to consider.
After some stagnation and consolidation, the price has dropped retesting the broken trend line .
A positive bullish reaction,...
CADJPY H4 - As mentioned, very similar to the S/R on EJ, here is CJ. Currently trading above that 80.00 whole number and above the active S/R zone, if we can hold above and see our typical H1/H4 price action reversals we could see some long opportunity.
This is my take on the path gold will take, based on past performance, I anticipate a drop to around 1300-1350 before a bounce. A lot of similarities to 2008 in play here will mean that we may have to wait till december before seeing it shooting off. This could be sooner however depending on other market news.
Central banks around the world are coordinating in a last stand to prevent global meltdown. So - they're about to decide massive liquidity injections into 'their economies'. China, the USA, Singapore are already on board. Expect Germany to follow cuz the German economy is on the brink of a recession.
What this could mean is a number of things:
1. The punters...