I could be wrong BUT it appears Gold is about to fall.. where to? No one knows but I have drawn up where i believe the daily support level is and if the structure highlighted is broken then we can look for a sell
Gold is currently consolidating in the highlighted area before it plummets through the earth.. there is divergence across all time frames, and a lot of price rejection.
Gold usually follows the same patterns as oil so we can expect to see price reach an all time low ;)
Just wait to see if price breaks 1670.00 - then ride it all the way to the bottom
GOLD has just retested a very low price point region and has just formed a head and shoulders pattern on the 1 hour timeframe.
Along with RSI and MACD confirmation this enough for me to BUY big lots in gold holding this position till at least the 1494 price point, however we could be expecting all time highs!!
Hold positions for as LONG as possible :)
Gold has shown some incredible bullish momentum. On the most recent bullish move on the 4hr we can see 1-5 impulsive bullish wave cycle till the point of resistance where price is retracing bearish.
Price has the potential to reach the price level i have marked with the grey horizontal line before price moves up bullish.
I will update the analysis according to...