My take on friday, IMO will be bit more action today nothing drastic until next week though.
LDN should bring it up to atleast the 1820s if it breaks through we could be look at 1836-1850 during before it comes back down, but IMO this scenario will only happen if LDN can bring it up above 1820, if not back to 1808 we come if this zone is broken possibly will...
An update to a previous idea - CLEANER CHART
From what i can see gold is consolidating on all lower timeframes, it is testing support and from what I can see we are ready for a crash
Price was previously on a downtrend and made a big recovery and just kept rising.. If OIL is anything to go on it did something similar before dropping and as we all know patterns...
The chart suggests that GOLD will regain upward momentum after hitting a well respected support zone (indicated in yellow) and possibly continue up to 1516.00 price points with the possibility to continue further into record highs.
However, due to golds volatility today the possibility of a breakout of this zone is looking more and more likely, which could be the...
GOLD carrying momentum after breaking through resistance trend lines.
Dragonfly doji candle forming showing sign of further highs.
Possibility of reaching 1502.00 price point
I think that as the market opens, we will see a slight increase in price followed by a slow downward trend. This will lead to Fridays short term support of 1338.53 being tested and if we see this support broken, price will most likely retreat to the 1330-1334 range (light blue box).
Following this the market could either reverse and gain momentum, heading...
As you can see from this Daily chart, Gold has been in a short/medium term bull trend recently.
This bulltrend could potentially be running out of steam here - as you can see from the Fibonacci I have applied to the bear trend before it, Gold has now reached its 61% retracement area.
It pulled back from the 61% Fibonacci area (around $1255~) quite rapidly and it...
