Last week, Gold price already retest low at 80% of C in Daily and Weekly @1686 area.
2 scenarios for Gold in coming weeks: we are still missing one leg in smaller TF (4H)
1. The price will range at 1723 - 1685 for a Flat pattern (Sideways) and make double bottoms and found the bottom at 1685, not making lower low.
2. The price cannot break 1709 (61.8%) Thursday's resistance area and forming a ZigZag (abc), the lower the price will go further down is based on the volume and retracement of (b).
The target for 100% of C is 1650, or maybe could finish the last leg of ZigZag at 1672 major support zone (Weekly) and Weekly TL
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2 scenarios for Gold in coming weeks: we are still missing one leg in smaller TF (4H)
1. The price will range at 1723 - 1685 for a Flat pattern (Sideways) and make double bottoms and found the bottom at 1685, not making lower low.
2. The price cannot break 1709 (61.8%) Thursday's resistance area and forming a ZigZag (abc), the lower the price will go further down is based on the volume and retracement of (b).
The target for 100% of C is 1650, or maybe could finish the last leg of ZigZag at 1672 major support zone (Weekly) and Weekly TL
If you like this analysis, please give comment and like :) Thank you
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