GOLD, Pullback From Main Resistance, Upcoming Perspectives!

Jun 20, 2021

Hello Traders Investors And Community,

Welcome to this analysis about GOLD, we are looking at the 2-day timeframe perspectives. As already mentioned in previous analysis GOLD was likely to pull back from the 1850 to 1900 level which also happened now and GOLD has shown up with this serious bullish alignment to the downside in which it now closed below the 35- as well as 100-EMA. In this case, now I detected all the important levels and likely determinations we should consider within the upcoming times.

Structural Developments:
As GOLD recently moves below the 35- as well as 100-EMA marked in red and green these EMAs are now serious resistance in the structure marked in my chart with the local-resistance batch. In this level GOLD has now the resistance over which it firstly won't likely move that fast. Besides GOLD is in this coherent wave-count and almost already completed the waves A and B in the structure with the origin of wave B as the pullback from the upper resistance. Moving in this broader descending-channel-formation it is likely that GOLD will approach the lower boundary the next time as it did and is likely in such channel formations.

Upcoming Determinations:
Taking these structural factors into consideration GOLD will likely continue with the establishment of the wave C to test the lower boundary which can be a potential reversal-zone however it will be crucial on how GOLD reacts into it because when it increases with strong bearishness further and closes below this dynamic support it will be the source of the wave-C-extension moving on in the bearish-continuation-zone as marked in my chart in red to test the lower levels of support from where stabilization can show up. For now, it is necessary to do not to keep the bearish perspectives out of sight as they can accelerate especially in the upcoming times.

In this manner, thank you everybody for watching, support the idea with a like and follow or comment, have a good day as well as weekend, and all the best to you!
"The high destiny of the market is to explicate rather than to speculate."

Information provided is only educational and should not be used to take action in the markets.

Sep 16, 2023

Note

ANALYSIS UPDATE: GOLD continued with the completion of the final wave C within the major wave C to bounce within the final support cluster.

GOLD since it bounced within the major support cluster and target zone emerged with a major volatility breakout to reach the final target zones.