Watch out for Gold to break out on either side. There are 3 possible scenarios I see with GOLD.
1) Reversal from the current point
2) Touches previous high and dives
3) Makes higher high and breaks out of the structure
Probably 2 sell and 1 buy opportunity coming soon.
Seeing Gold reject the laster LH's and not being able to keep above when breaking. Looking weak to break the next level of support in to the lower lows of 1670..
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This is an update to my previous chart, I appreciate the last one wasn't that informative so I've done a bit more reading and i believe this one paints a better picture :)
Price is heading down on the 1h chart and there is divergence spotted on the 4hr as well as the higher TFs
The highlighted red zone is strong support for GOLD but once its broken its a...
- 4H TF showing an evening star formation from strong support levels then a retest of the broken area highlighted. May be looking at an opportunity to buy after a lot of momentum has been built this week.
- 1H TF you can see something which we may expect a small pullback into previous support being 1700 and signs of price rejecting support we can look to take a...
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 currently loosley following a fractal from 2010...
At the current time it suggest a dip down to confirm the breakout from the bowl formed over the end of 2019
So short for some of February, then Long in say March onwards for next MAJOR leg up!
Currently (28/01/20) Targeting the W dip as per the white line and my previous published idea
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...