Bullish Targets; Probable Bullish Scenario | #Gold #ETF $EURUSD
Friends,
While we remain bearish on the long-term prospect of gold, our analysis indicates a probable rallying in the short term. Our predictive analysis has already posted a bullish market reversal confirmation, and the recent leg up has confirmed that early directional forecast.
At this point, our predictive system is indicating a probable rallying preparing at the current levels, although our independent structural analysis indicates that some unwinding to the downside prior to another rally is also possible. In light of internal conflicts between a discretionary approach (structural analysis) and systematic approach (predictive analysis and forecasting system), we recommend paying particular attention to recent support/resistance levels.
In the chart, a 33.67 value highlights a nearing of a 0.618-Fib retracement. "Nearing" because we have compensated for internal momental lines that would bring symmetry and fall well in line with a potential - albeit "slanted" - Head & Shoulder pattern formation, 33.67 defining the nadir of that second shoulder, while the neckline would be represents by the recent structure high coursing down from the prior 60.00 price level retracement.
For the classic pattern trader, a head-to-shoulder height translation upwards at the level of the neck line would potentially fall in line with our first target, defined as "TG-1 = 81.82 - 28 FEB". A yellow background qualifies this target as a moderate probability (as opposed to a green for high-probability, and red for low-probability). A second target defined as "TG-High = 103.83 - 28 FEB" sits at a loftier level in red.
Lower down, a tolerance range defined by our "EAGLE's Nest" 30.53 and 27.48 points should concern bulls if it were ever transgressed.
OVERALL:
Bullish market reversal confirmation has already consumed that directional opportunity. At this point, an interim unwinding downward is expected per structural analysis vs. bullish continuation without retracement per predictive analysis system.
Our long-term directional bias remains bearish for gold and most other commodities, but this short-term analysis indicates a potential bullish play, as defined above.
Cheers,
David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & forecasting
-----------------------------------------------------
Follow our forecasts, signals and analyses on Twitter
Alias: @4xForecaster
-----------------------------------------------------
Disclaimer: Forecasts, analyses and opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
While we remain bearish on the long-term prospect of gold, our analysis indicates a probable rallying in the short term. Our predictive analysis has already posted a bullish market reversal confirmation, and the recent leg up has confirmed that early directional forecast.
At this point, our predictive system is indicating a probable rallying preparing at the current levels, although our independent structural analysis indicates that some unwinding to the downside prior to another rally is also possible. In light of internal conflicts between a discretionary approach (structural analysis) and systematic approach (predictive analysis and forecasting system), we recommend paying particular attention to recent support/resistance levels.
In the chart, a 33.67 value highlights a nearing of a 0.618-Fib retracement. "Nearing" because we have compensated for internal momental lines that would bring symmetry and fall well in line with a potential - albeit "slanted" - Head & Shoulder pattern formation, 33.67 defining the nadir of that second shoulder, while the neckline would be represents by the recent structure high coursing down from the prior 60.00 price level retracement.
For the classic pattern trader, a head-to-shoulder height translation upwards at the level of the neck line would potentially fall in line with our first target, defined as "TG-1 = 81.82 - 28 FEB". A yellow background qualifies this target as a moderate probability (as opposed to a green for high-probability, and red for low-probability). A second target defined as "TG-High = 103.83 - 28 FEB" sits at a loftier level in red.
Lower down, a tolerance range defined by our "EAGLE's Nest" 30.53 and 27.48 points should concern bulls if it were ever transgressed.
OVERALL:
Bullish market reversal confirmation has already consumed that directional opportunity. At this point, an interim unwinding downward is expected per structural analysis vs. bullish continuation without retracement per predictive analysis system.
Our long-term directional bias remains bearish for gold and most other commodities, but this short-term analysis indicates a potential bullish play, as defined above.
Cheers,
David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & forecasting
-----------------------------------------------------
Follow our forecasts, signals and analyses on Twitter
Alias: @4xForecaster
-----------------------------------------------------
Disclaimer: Forecasts, analyses and opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster