Gold will face a temporary resistance around 2600$
a lot of people will see 2700$ as the next target
but for me, I notice there is a shallow retrace down to 0.764 or 2280$ area
so we will see a choppy up and down to 2600$ and a resistance to 1.272 fibo or 2600
bull will be weak as long no strong news
even with strong news will see resistance again on 1.382 fibo or 2270-2700$
take note that fibo analysis not reliable on gold, so we need a further analysis
but for me, I notice there is a shallow retrace down to 0.764 or 2280$ area
so we will see a choppy up and down to 2600$ and a resistance to 1.272 fibo or 2600
bull will be weak as long no strong news
even with strong news will see resistance again on 1.382 fibo or 2270-2700$
take note that fibo analysis not reliable on gold, so we need a further analysis
Comment:
fo calibration we need a reaction around 2480-2490 that will help to use right side fibo later
Comment:
example of choppy movement due lack retrace down
Comment:
other example but quite weird since it retrace down to 0.618
Comment:
so based on 2 example
1. it will rally to 2520
2. but drop under 2431 (SL hunt)
3. while showing a resistance on 2480-2490
4. rally to 2580 drop to 2480-2490 as support
4B. if 2480-2490 used as support mean it will form a double top before rally could scalp there
5. it will hit 2600$ then drop under 2480 as sl hunt but still above 2430
6. it will choose to 2 move
A: drop under 2430 to 2280
B: rally to 2700$ without going under 2430
1. it will rally to 2520
2. but drop under 2431 (SL hunt)
3. while showing a resistance on 2480-2490
4. rally to 2580 drop to 2480-2490 as support
4B. if 2480-2490 used as support mean it will form a double top before rally could scalp there
5. it will hit 2600$ then drop under 2480 as sl hunt but still above 2430
6. it will choose to 2 move
A: drop under 2430 to 2280
B: rally to 2700$ without going under 2430
Comment:
fine-tuning based on 4H no problem
Comment:
fine tuning number 2, make double top 2480-2490
Comment:
fine tuning number 3, make double bottom 2450 as strong support
Comment:
fine tune number 4
1. it will rally to 2520
2. but drop under 2431 (SL hunt)
3. while showing a resistance on 2480-2490
4. rally to 2580 drop to 2480-2490 as support
4B. if 2480-2490 used as support mean it will form a double top before rally could scalp there
1. it will rally to 2520
2. but drop under 2431 (SL hunt)
3. while showing a resistance on 2480-2490
4. rally to 2580 drop to 2480-2490 as support
4B. if 2480-2490 used as support mean it will form a double top before rally could scalp there
Comment:
1. it will rally to 2520
2. but drop under 2431 (SL hunt)
3. while showing a resistance on 2480-2490
4. rally to 2580 drop to 2480-2490 as support
4B. if 2480-2490 used as support mean it will form a double top before rally could scalp there
5. it will hit 2600$ then drop under 2480 as sl hunt but still above 2430
2. but drop under 2431 (SL hunt)
3. while showing a resistance on 2480-2490
4. rally to 2580 drop to 2480-2490 as support
4B. if 2480-2490 used as support mean it will form a double top before rally could scalp there
5. it will hit 2600$ then drop under 2480 as sl hunt but still above 2430
Comment:
fine tuning by 12H
I see 2 mistake
1. 4H PA too long, I just draw PA to Jun Jul Aug Sep
2. it might spike to 2560 as sl hunt to bear instead topped to 2520
3. I found a support and pattern to side way later
4. so targeting 2560 or 2600 quite good for now
I see 2 mistake
1. 4H PA too long, I just draw PA to Jun Jul Aug Sep
2. it might spike to 2560 as sl hunt to bear instead topped to 2520
3. I found a support and pattern to side way later
4. so targeting 2560 or 2600 quite good for now
Comment:
this the reason why 4H 2520 might not toppest price
Comment:
let see double top 4h first later before continue with this chart
Comment:
confirmed August as one of top cycle in 1 year
