AntMwah

Heading down this one. At least towards the 126 area.

Commercials more bullish for weeks. Technical indicators suggest a bottom. Like this for an explosive move higher.

We ant see here that below $11 we entered a weekly demand area and immediately posted a hammer candle. The bottom indicator on this chart is the COT index and commercial traders (red) have been turning bullish over the last few weeks driving this reversal.

Else we are just bactesting the breakdown area.

Top hit.

Next leg up unfolding. Should get well into 1275 range

The lure of $1240 is keeping bears active and buyers out, but there are already so many indicators favouring a turn / bottom that the r/r is likely to swing to the Bulls sooner than most think. Any catalyst at all here will create quite a major short squeeze.

Yesterday was an inside bar candle - a good sign the prior candle is not done. Expecting to see my re downside here. At least 2680

This chart is drawn using a log scale & shows a hidden support line with convergence at $4.5k. Failing this the 200 week MA may ultimately kick in at $2.4k. I personally wouldn't short it but look to buy on the deepest dip possible.

Whilst a lot of focus was on the diagonal support structures for gold, including a bottom at $1240, I prefer this more technical explanation. The price has basically completed 3 drives down: 1) 1370 (top) to 1303 retrace to 61.8% line at 1328 2) 1328 to 1284 (1.272% extension) retrace to 78.6% line at 1317 3) 1317 to 1261 (161.8% extension) = ...

Red triangle held in both directions - first a false break high and then a major bull capitulation which was held at the bottom. The price is now back at the monthly pivot and within the blue parallel channels (coiled area) on my chart. Am initially looking for a move to the top of the blue parallels and then subject to it breaking the top of the red triangle and ...

Weekly pivot low setting in here. Higher from here.

Price hitting trendline, sentiment and momentum at historical (low) levels which indicate it will bounce at this level.

Broken symmetrical triangle &a retested breakout area. Powerfully sat at the pivot level now with all R levels visible within trading range on a near term basis IMO. Company released good news re project & more to come.

Fallen outside of the ascending triangle on negative divergence which is extending into all longer time frames.

Trend support, RSI and sentiment align.

This looks like it has broken out of the cycle low & then successfully backtested the breakout. RSI, sentiment all support the low being correctly identified. This looks like a good opportunity to sit on a long move upward.

Remains close to 2yr support & extreme Bearish positioning which suggests this is the low/bounce area. Would continue to buy weakness OR buy into the rise if it continues above the pivot area in orange (1.343).