Potential road map to Gold bottoming on Monday
THE REWARD
This is purely my speculative vision of the action through Sep 21. The red channel and the black zigzag represent the anticipated action over the next few days.
Similar to the pre-Sep 1 unemployment data release, the Gold might be first bottoming a day before (i.e. on Mon), bouncing off and finishing Tue somewhat green. Shortly after 2:00 pm on Wed there might be another short-lived sting to the black trendline, maybe even penetrating it to a certain degree to shake off weak hands, but printing a solid bullish candle by the end of that day, which would mark the beginning of next bull cycle in this upward journey. This is, obviously, just one of many scenarios that might unfold before FOMC.
THE RISK
Remember, that things don't always go the way we want them to. Play safely. Carefully calculate your entry points and SL (unfortunately, I can't advise you on this) as there is always a chance the black trendline gets broken down, in which case the next solid support is only expected in the $1,250-sh zone. Watch the indicators. Individual miners, especially juniors could also serve as leading indicators.
This is purely my speculative vision of the action through Sep 21. The red channel and the black zigzag represent the anticipated action over the next few days.
Similar to the pre-Sep 1 unemployment data release, the Gold might be first bottoming a day before (i.e. on Mon), bouncing off and finishing Tue somewhat green. Shortly after 2:00 pm on Wed there might be another short-lived sting to the black trendline, maybe even penetrating it to a certain degree to shake off weak hands, but printing a solid bullish candle by the end of that day, which would mark the beginning of next bull cycle in this upward journey. This is, obviously, just one of many scenarios that might unfold before FOMC.
THE RISK
Remember, that things don't always go the way we want them to. Play safely. Carefully calculate your entry points and SL (unfortunately, I can't advise you on this) as there is always a chance the black trendline gets broken down, in which case the next solid support is only expected in the $1,250-sh zone. Watch the indicators. Individual miners, especially juniors could also serve as leading indicators.
Comment:
Amended and further developed scenario. Obviously, the yellow circled area is the biggest wildcard in the game. the rest is lesser but is still a speculation to a certain degree.
Comment:
The chart is self-explanatory
Comment:
Apologies, this is what I actually meant