Shortterm: perhaps short
The longterms pattern - the - sounds the bell for the next round - and is still valid! Trading above the illustrated flags upper edge will open the TP @ 1402$. The is as long valid as is not trading below 1195$.
If you are an anticyclical shortterm trader, a shortposition at the actual level is thinkable - TP could be the uptrends bottom edge at 1240$ and the flag bodys bottom at 1200$
In my chart i have illustrated both positions.
LONG AGAIN? https://www.tradingview.com/chart/GC1%2521/gQnjkQkM-Long-again/
IMO the correction we see this moment has just a shortterm consolidating character. The consolidation down to 1270$ was just the minimum correction of the last upmove (1228-1301)..we hitted the 38,2 fibo-retracement. If will not trade below the 0,5 fibo respective 61,8% i exspect new Highs, because i clearly see the pattern with TP @ 1420 . Additional, i see a clear 1-2-3-long Setup...
Adjustment of the origin flag
GOLD WITH AND 1-2-3-BREAKOUT CHANCE?
Gold-0.46% on it s way up or will the consolidation go on?
or new selling Signal?
is near it s former low at 1.071$ .
With Prices below that Level, the downtrend will perhaps tighten with the tp, mentioneds in my former Analysis (TP from the flag) at 1.035$.
Could the Level at 1.070$ be defendet, has the Chance to develop a . Fiorst target (minimal target) of that Formation would be the 38,2 fibo at 1.116$
Will break it s resistance ?
The is characterized through the sma200 and the old supporting which turned into resistance.
If can trade above this Level @ 1175 the next tp can be 1210$.
If the resistance could not beaten, a new downswing can be exspected. The tp of this downswing could be 1125
PERFECT TIMING MINIMAL TARGET @ 1.125$ REACHED