Gold Spot (GOLD) (January 2022)
Finally providing an update since May 2021. Old chart ideas for gold are looking great now but I have taken my last chart a step further and utilized a few fractal ideas which seem to converge and correlate with each other and the original path I had thought of (taken from a previous fractal idea that I did by hand instead of using bar patterns.)
Fibonacci layout has been updated and my price targets remain nearly the same since last chart.
Next price target I expect will be in the $1,875 to $1,966 range (or fibonacci multiples 0.382 through 0.786,) I suspect the higher half of that range may still be decently probable in comparison to the lower half. After that, I expect a drop back to $1,687 for another test of support or wave and then find a final low at $1,460 anywhere from June 2023 to December 2023, possibly even as early as March 2023 with alternations. I think the lowest it could potentially go is $1,340-$1,350 per ounce but that is not a given in my mind at this moment, only the fibonacci multiple 2.618 at $1,460 makes the most sense as a guaranteed short target.
I’m leaving all fractals in place for now, I may try to split these into multiple layers, but I would like to create more chart updates here soon as well, this is just to get something published while I work on splitting it up further. I will be inspecting both paths against actual price action that prints and try to adjust accordingly soon! I will post charts in higher time frames for those who want a better idea of the overall macro patterns I think I am seeing.
Previous charts leading to these conclusions:
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!
Finally providing an update since May 2021. Old chart ideas for gold are looking great now but I have taken my last chart a step further and utilized a few fractal ideas which seem to converge and correlate with each other and the original path I had thought of (taken from a previous fractal idea that I did by hand instead of using bar patterns.)
Fibonacci layout has been updated and my price targets remain nearly the same since last chart.
Next price target I expect will be in the $1,875 to $1,966 range (or fibonacci multiples 0.382 through 0.786,) I suspect the higher half of that range may still be decently probable in comparison to the lower half. After that, I expect a drop back to $1,687 for another test of support or wave and then find a final low at $1,460 anywhere from June 2023 to December 2023, possibly even as early as March 2023 with alternations. I think the lowest it could potentially go is $1,340-$1,350 per ounce but that is not a given in my mind at this moment, only the fibonacci multiple 2.618 at $1,460 makes the most sense as a guaranteed short target.
I’m leaving all fractals in place for now, I may try to split these into multiple layers, but I would like to create more chart updates here soon as well, this is just to get something published while I work on splitting it up further. I will be inspecting both paths against actual price action that prints and try to adjust accordingly soon! I will post charts in higher time frames for those who want a better idea of the overall macro patterns I think I am seeing.
Previous charts leading to these conclusions:
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!
