Gold Futures (GC) (January 3rd 2021 through June 2021)
Low: $1,728
High: $1,933
Here's a multi-monthly idea for the gold markets. I think we could see a retest of the pink trend lines and maybe a false breakout before heading lower. I tried to "map" a couple potential paths I could see price action taking, all of which converge onto each other eventually anyways. I think the major trend is still downwards even with the last month's run up.
The smaller fib trend on the current up trend is my potential target for where gold could turn around before continuing to retrace along the lower fibs on the major downtrend surrounding the rest of the price action.
The orange box is my forecast for Cindicator for the next week coming up, and the chart for that can be found below in related.
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!
Low: $1,728
High: $1,933
Here's a multi-monthly idea for the gold markets. I think we could see a retest of the pink trend lines and maybe a false breakout before heading lower. I tried to "map" a couple potential paths I could see price action taking, all of which converge onto each other eventually anyways. I think the major trend is still downwards even with the last month's run up.
The smaller fib trend on the current up trend is my potential target for where gold could turn around before continuing to retrace along the lower fibs on the major downtrend surrounding the rest of the price action.
The orange box is my forecast for Cindicator for the next week coming up, and the chart for that can be found below in related.
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!
