I believe 1260 has been the mode since February. There have been 13 day swings around that mode since February 11. 1232 has been a strong inflection point; I would like to see it retested one last time prior to another major bull run. I don't do timing, but it would be interesting to see this coincide with another touch off of the 18 month pivot line.
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For the https://Fibbers...https://www.tradingview.com/chart/GC1!/kJLGMmBM-Gold-Fib-Next-Major-Rally/
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I am looking for a drop to the 1232 level for long entry.
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jangseohee
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Fundamental: i just saw news that in singapore, the masses were buying gold for last six month, which is no good for gold, bcoz when the public fools are into one trade, normally price goes the other way round
Technical: rising wedge is generally bearish in nature, unless it breaks up hard
daily chart shows a potential right shoulder
ShPro
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This is a bearish pattern indeed. And yes, I am leaning towards a drop in gold. How severe? I don't know. However, the supply has been ample and the demand as well, but this right here indicated a short term decline.
smitheric1970
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Indeed! I believe the current daily demand line needs to break to cause enough confusion/enough selling for another rally...
smitheric1970
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Agreed J where do you see support? I definitely agree on a drop but believe we will see support at 1230 level.
Fundamental: i just saw news that in singapore, the masses were buying gold for last six month, which is no good for gold, bcoz when the public fools are into one trade, normally price goes the other way round
Technical: rising wedge is generally bearish in nature, unless it breaks up hard
daily chart shows a potential right shoulder