SimpleCryptoLife

Gold back to square one?

Short
COMEX:GC1!   Gold Futures
It's about time for a pullback on gold . But was this it, or is there more?

In the recent advances in gold and silver , I've found the 4H or 2H chart to be the most informative.

Likely areas for a reversal are these two old support zones in green.

The first one is confluence with the 200 (on the 4H chart) EMA / SMA and a healthy 0.618 retrace, at least the way I measure it.

The second one is confluence with the Point of Control (POC), the heaviest volume in this range.

I expect the drop will cool down a bit first here, by the 0.5 retrace and the 21D EMA , and then have some reaction at the first zone but ultimately make its way to the second. Max pain, max disillusionment, max opportunity.
Comment: "...some reaction at the first zone"

There you go:
I'm holding out for the second zone.
Comment: I see no-one likes this idea lol
But I like the idea of buying the almighty pullback before the historical bull market.
So let's have an update even if I'm talking to myself.
The classical ABC correction with a 1.0 third leg - guess what - coincides with zone I drew in the beginning.
More likely than ever that we go there.

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