Monthly candle closed so here's an update -
GOLD has now closed below 2011 resistance and it is now very apparent that this year's Upthrust has been a shakeout pattern (SOP) as was the 2020 top.
Both these tops have similar characteristics that share similarity also with the 2 candle Evening Star pattern: A bullish candle, an upper wicked reversal candle and a bearish candle.
And through this 3 candle pattern on both occasions price passed above 2011 resistance to then fall back below.
Through the lens of Wyckoff this entire area since August 2020 top will most likely prove to be a Distribution phase and March low will prove to be SOW Sign Of Weakness which will eventually break to the downside and collapse into the more impulsive Mark Down.
Taking the previous 2 major pivots in retracement ('15 - '22) and the previous 3 major pivots in projection ('11 - '15 - '22) finds an inverted phi (0.618) band between $1358 and $1423.
And so I suggest that the next major pivot will be in that area.
Also notice that there are quite a few minor tops in that area that would act as support.
If market conditions are ripe then this may be a good area to buy however it may not be the eventual bottom.
Not advice.
GOLD has now closed below 2011 resistance and it is now very apparent that this year's Upthrust has been a shakeout pattern (SOP) as was the 2020 top.
Both these tops have similar characteristics that share similarity also with the 2 candle Evening Star pattern: A bullish candle, an upper wicked reversal candle and a bearish candle.
And through this 3 candle pattern on both occasions price passed above 2011 resistance to then fall back below.
Through the lens of Wyckoff this entire area since August 2020 top will most likely prove to be a Distribution phase and March low will prove to be SOW Sign Of Weakness which will eventually break to the downside and collapse into the more impulsive Mark Down.
Taking the previous 2 major pivots in retracement ('15 - '22) and the previous 3 major pivots in projection ('11 - '15 - '22) finds an inverted phi (0.618) band between $1358 and $1423.
And so I suggest that the next major pivot will be in that area.
Also notice that there are quite a few minor tops in that area that would act as support.
If market conditions are ripe then this may be a good area to buy however it may not be the eventual bottom.
Not advice.
Comment:
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Comment:
GOLD well on its was to my first target of $1.4K.
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Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Make gains, learn technicals 🚀.
$50 per month 👍🏻.
Contact: t.me/dRends35
