XAU closed very Bullish however Im expecting a retrace for gap fill.
Looking at a 1st pullback to complete at 1738-43 Zone for retest before either going back for 1779 or breaking below and creating a low.
Other scenario is a retest on 1775/79 Zone and rebounding downwards.
A break up is very unlikely without a decent correction on my analysis.
Long Term Gold Bullish
Short term correction not complete so current idea Bearish
9th June chart complete 1670 - 1779
Short term Aim for Gold to touch 1738-45
If broken can see 1710 perhaps and rebound
Otherwise Gold can carry on into 1650's but we will cross that bridge step by step at 1710/12 zone
Alot of people are long on Gold however I feel we need a decent...
Yearly High 1779/80 Hit as per my 9th June Chart Up.
Now looking at next area 1710 Zone.
Possible 1690 if broken and any further we will take it from there.
For now looking at a rocky bumpy road down to achieve 1710.
Just an idea not a signal. Could reverse from 1745/30 zone to break through to return with force for a 1800 possibility. But personally I doubt it.
Possibility of the red arrow if resistance is broken and retested.
However expecting a pull back to the Black arrows before a Bull momentum to continue if continues. Personally I still think its a little soon for Gold to reach the 1800 zone.
Either way expecting a Pull Back to atleast 1730 zone if not the early mid 1720's even if resistance is broken.
Extremely Bearish week from GJ
Currently approaching next support 131.800 after breaking 2 of my supports without retracement.
A strong area where we may expect a retrace back towards 134 zone or even possibly 136 zone of the 61.8fib on 1hr time frame.
However should GJ not bounce and break through 131.800 we can look at it fall deeper.
A retrace is now overdue...
Head and Shoulders pattern forming.
No right shoulder as yet.
61.8fib zone remains untouched.
Looking for price to reach to 1700/1698 zone and then we can possibly see lower depending on zone reaction.
Not a signal just an analysis
Analysis based on a daily timeframe
Looking for retest on 1748 zone on Bullish
Or if a retest on 1724/20 zone broken we can except a Bearish run
Still in consolidation zone 1740-1720
4hr currently sitting at shorter trendline also crossover bearish sign on ema
Breakthrough possible to Bear momentum
Just an Idea not signal.
Will wait for a confirmation on 1hr,...
Current price 1715
1) Looking at key levels 1730-1745 if broken we are long to 1779
2) Rejection 1730-45 we look to short down to 1704-1698 for the attempt of another push long
However break of this zone 1704-98 we look at short heading to 1645
3) 1720 retest short 1704-98 back to a push attempt of 1730-45
Personally 1730 touch will...
Thought on Gold:
4hr Wicked bullish above 1670 support
Failed to break 1670 support
Previously we can see higher highs from this zone
Daily closure 1685 above support
Weekly Candle history not broken and bounced of this zone 4-6 times tested previously
If 1670 area is broken and retested we can look to sell Gold.