Hello everyone !
Today the Black Cat Trader is analyzing
GOLD
on a Weekly chart. What we can see :
Ichimoku system : Gold is actually located on a very important Level. This week, the gold price is located directly on the twist of the Kumo which is a sign of volatility to come. Actually, prices are supports by the Kijun Weekly at approximately 1790$.
Fibonacci : Prices are stuck between the 0.382 (1821$) and 0,236 (1760$) fib levels.
RSI : We can clearly identify a nice Bullish divergence on the weekly RSI.
What we can expect :
Ichimoku : Regarding the location of the price on the twist, we can expect two scenarios :
(N°1) The weekly candle closes above the Kijun weekly , which could let the prices enter into the Kumo. After that we can expect the SSA to be a good support for gold (lowest support of the Kumo at 1780$).
First major resistance at 1820$ (0,382 fib level + flat Kijun)
Second major and ultimate resistance at 1870$ (0.5 fib level + SSB). If gold breaks this one, then gold will probably fly to ATH (wait for the lagging span for confirmation,)
- First take profit located at 0.382 fib level (1820$)
- Second take profit located at 0.5 fib level ( 1870$)
(N°2) The weekly candle closes below the Kijun. Prices will leave the Kumo and will probably bottom at 1760$ with probably more downsides.
- First support located at 0.236 fib level (1760$)
- Intermediary support on the Tenkan (1749$)
- Last support at level 0 ===> (1663$)
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(D.Y.O.R)
Trade closed: target reached:
😸