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Tolberti
Aug 20, 2022 1:51 PM

GOLD - New bull market has started! | All-time high next year Long

GoldOANDA

Description

  • Gold has bounced successfully from the strong support level on the weekly chart.
  • As per my Elliott Wave analysis, an ABC correction (FLAT) + Wave (4) have been completed, so we can start a brand new impulsive wave!
  • On the weekly chart, we can spot a beautiful rectangle consolidation, which is a strong continuation pattern.
  • The price is above the 200 moving average. The 200 weekly MA is considered a very strong support area by huge institutions and hedge funds.
  • I think this will be the final impulsive wave and then we can go back to retest the rectangle from the upside.
  • You can place your profit target at the top of the parallel channel , but do not forget to switch to the LOG scale.
  • For more analysis, please hit "Like" and "Follow"!
Comments
EliteSignals
Easy tiger. Gold is deep in the trenches and has a bit to go before we start talking about being bullish. For now I would be getting ready to short once it breaks your lower yellow line. if i was trading it i would still be short from $1780 becuase all my signals are deep in the red still.
Tolberti
@EliteSignals, Sure, you can be right. As long as we hold the channel, rectangle and the 200MA, I have no reason to short the support at this moment.
mhdfezal83
@Tolberti, i agreed. unless the gold has no value then it will continue down. no point of selling at support.
crescentia3
@Tolberti, gold is is going to buy my love I stand behind you, we share the same sentiment
Phaada_Abraham
@EliteSignals I'm in shorts with you
arvine11
Solid work! Thanks
Tolberti
@arviiine, Thanks you!
jarsonintlrec
definitely not lmao. Learn wyckoff. LPSY and then down majorly
Tolberti
@checkm9, It's possible.
jarsonintlrec
@Tolberti, check out my newest idea for the short
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