watchout May (next month) price under 1725$ or not
if may bearish again and under 1725,
possible we would see a drop to 1617-158x
why? because gold not making a clean reversal candle on the weekly! it seems like a clean reversal candle monthly, but if drop again in may it can also indicate it not a reversal, just retrace up
1725 must be respected if gold want to reversal from there
possible we would see a drop to 1617-158x
why? because gold not making a clean reversal candle on the weekly! it seems like a clean reversal candle monthly, but if drop again in may it can also indicate it not a reversal, just retrace up
1725 must be respected if gold want to reversal from there
Comment:
this is 1 year candle timeframe
as you can see we got a green box
based on 2011 HH and apply it to 2021 HH
and got around 1680-1690 area as next target
with possible bottom at 1520-1560
more likely the 1520-1680 = yearly wick zone,
so even if gold hit 1520,
then we can expect 2021
candle close near 1680-1690 zone
all of it depend on jan and feb monthly candle close under 1772
if yes then it open possibility to hit 1560 and 1680 zone
as you can see we got a green box
based on 2011 HH and apply it to 2021 HH
and got around 1680-1690 area as next target
with possible bottom at 1520-1560
more likely the 1520-1680 = yearly wick zone,
so even if gold hit 1520,
then we can expect 2021
candle close near 1680-1690 zone
all of it depend on jan and feb monthly candle close under 1772
if yes then it open possibility to hit 1560 and 1680 zone
monthly RSI ready to leaving bullish trend zone (above 60)
and we can see the zone on monthly too, under 1772 for monthly close really dangerous on Jan
possible mar 2021 see 1669 as target, but that for weekly oversold target
jun/july possible see 1561