This roadmap is what we have been dealing with for last whole year. With each level breaking we are headed for the next. Therefore, I felt the need to highlight the importance of these levels in this idea. Trend has been bullish since last November, 2022 (Double bottoms formed during October). Since we are still in the range between 2071 and 1614, we will only talk about the levels in between till one of the sides gets breached. Therefore, this map will help you determine what to expect next on our favorite shiny metal. So far, we are expecting 1952 to hit since our last level at 1914 got breached. Breaking out of this 1952 with a daily closing price will pave way for higher levels. Further evidence to hit the consecutive next target i.e. 1952 has been published in my previous (See related idea). However, if you are looking for a reversal, following conditions must be met:
1- A strong weekly rejection from one of these levels such that we close the week below one of the lower levels bouncing from one of the higher levels.
2- We might be close to a reversal considering the fact that this bullish move is too steep (at least WD Gann would agree), this marks the instability of the trend. It seems like panic buying of gold by big central banks to back their currencies with an alternative to USD. And since we are currently in a time of recession, as soon as USD stabilizes we can expect market leviathans to exchange their gold reserves for USD again. That is when we will see a reversal on gold heading back lower.
3- Price levels 1952, 1973, 2002 and 2056 are important levels to see a reversal. If we break 2075 ATH, we will enter a new trend extension cycle, we will talk about it once it happens.
However, as long as technical support and resistance levels are concerned, the ones you see in the chart are the most prominent ones.
Note: i have used line chart because it maps closing prices only!
1- A strong weekly rejection from one of these levels such that we close the week below one of the lower levels bouncing from one of the higher levels.
2- We might be close to a reversal considering the fact that this bullish move is too steep (at least WD Gann would agree), this marks the instability of the trend. It seems like panic buying of gold by big central banks to back their currencies with an alternative to USD. And since we are currently in a time of recession, as soon as USD stabilizes we can expect market leviathans to exchange their gold reserves for USD again. That is when we will see a reversal on gold heading back lower.
3- Price levels 1952, 1973, 2002 and 2056 are important levels to see a reversal. If we break 2075 ATH, we will enter a new trend extension cycle, we will talk about it once it happens.
However, as long as technical support and resistance levels are concerned, the ones you see in the chart are the most prominent ones.
Note: i have used line chart because it maps closing prices only!
