Indicators on the monthly frame shows that gold is oversold, showing a small bullish divergence. BB band is squeezing with a confluence of 20 & 50 EMA flirting, predicting high volatility and possible bounce at this level. Also BB has been punctured by price, has already seen before the price has reacted by bouncing to the other end of the band. Price had bounce from a strong support at 1208 which is a confluence of Fib support level and previous bullish patterns and trend lines, making this level a strong support. The targets in the upcoming weeks is 1230-1240, which is a fib res level, if this resistance will be broken than the middle - low 1300 will be the final target. I expect a last pull back to 1210 in the next upcoming days before fully bounce to the targets. More details in the chart. Educational purpose only, please be aware that trading is really risky, do your own research.
The overview is correct. However the market will continue doing what it has started.
70% chances that the gold will try to visit the previous low in the coming couple weeks before it move in a sideway, then would start the rally.which is unlikely now.
Note : fundamentals favor the dollar. Hence the move up will be so slow and might take 3 months.
CFcryptoTA
⋅
@khamis12, thanks for your comment. I am completely setting my targets on TA as i lack the fundamentals. I am going to do a deeper TA on multiple frames to have a better understanding of the upcoming move. I am aware of the possibility that the market may move sideways and not bounce to come out from this oversold condition. I ll try to study the fundamentals in the coming months to start to have a better oberview. Thank you very much again
70% chances that the gold will try to visit the previous low in the coming couple weeks before it move in a sideway, then would start the rally.which is unlikely now.
Note : fundamentals favor the dollar. Hence the move up will be so slow and might take 3 months.