Gold is still trapped inside this flag formation. Will it break?
Flag formation, 1W, 1D, 4H. Will it break up or down? We'll see. My positions are at 1205, BUY. I'll monitor these breakouts and will consider building more long positions even if it breaks down.
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It BROKE. Let's see if this result in a trend change. Next targets: 1280, 1290, 1305. With bounces on each zone. Sideways action until 1320.
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1276 and 1278 resistances seems to be holding the next movement. Looking for that breakup, after that, I don't see much resistance until the previous local high at 1305.
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Supports are now at 1270, those should hold in case next candles result in correction.
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Health is good. Breakout confirmed. Following congestion levels are 1297, 1305, 1309 watch for breakouts, possibly correction starting at 1320.
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23% fib from the previous biggest correction (1355ish - 1260ish) seemed to hold at 1283. Watch for a breakout (down) through 1279 for a bigger correction downside (possibly 1271/2, those should resist). Otherwise, we might see fib 38% level target at 1297, as stated before, in the next 24hs. IF a bigger correction is shown (breaking 1279 support down), 38% fib target could take some more days and a new analysis, meaning the uptrend direction will be slower than what it is showing right now.
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The price seems to be fitting the line I draw, so everything is going as planned so far. 23% fib resistance seems to be over now. 1293 possibly a congestion price, aiming for 1297 (38% fib) once broken.
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As expected in my last comment in nov 8, a correction to the 23% fib is in place currently, I will be monitoring if this one holds or the correction might be bigger.
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Ok, supports at 1270 seems to be doing their job just as expected. As stated before, seems like the market is going to go the slow way. Right now there is a good opportunity for going long, aiming for 1310 for end of the year if 1270 holds.
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1270 held like a rock, the swing up has been slowed down by that congestion but I expect 1309 by mid/late december, late in the year. Good luck!
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New idea to follow this thread
