Symmetric triangle + 5th impulse wave
I'm not too familiar with this sector, but with the fears of a recession I'm giving a slight edge towards the bulls. This is definitely something worth to put on your watch list . It bounced on the bottom support line today and will probably make an attempt to for a breakout in the next day or 2 .
If we take a step back on the weekly chart we can see that the RSI is making higher highs as well as the price action making higher highs.
On the weekly chart the MACD histogram is looking bulish as well as a MACD crossover is about to happen
Moreover it looks like we are just finishing the the 4th wave getting ready for a 5th wave up
Originally My target is the peak of the 3rd wave at about 22, but I may be more conservative with 21.50 because of decay that occurs
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On the weekly chart the MACD histogram is looking bulish as well as a MACD crossover is about to happen
Moreover it looks like we are just finishing the the 4th wave getting ready for a 5th wave up
Originally My target is the peak of the 3rd wave at about 22, but I may be more conservative with 21.50 because of decay that occurs
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Comment:
seems like a lot of people are expecting gold to drop sharply ,so i wont be interested in this trade once that drop has taken its course or is invalidated