This pattern is on my radar for 5 months and still in play. The chart speaks for itself, right?
*DISCLAIMER* This idea is only for the purpose of sharing ideas -> NOT investment advice, any feedback from aspiring traders and experts are more than welcome.
Always keep in mind not to enter a trade to soon and remember to take profit along the way. Stay safe, stay profitable & may the odds be forever in your favor ^^
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Another surge downward, 38.2% should act as resistance now and at a wick under the 50% before the weekly candle close should reinforce this idea with a higher probability.
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Currently the 0.5 fib is holding as strong support but support hitting to many times with declining upward price action, will eventually break. Let's shake out those weak hands and get ready to buy!
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Now that the 0.5 fib broke we're visiting the golden pocket for gold ^^ Let's see if we see strength in these regions but I have a feeling we might go lower.
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We touched the 0.618 and are retesting the 50%, if rejected in the coming week I'll be expecting lower prices and entering the box of buy opportunities.
@ForecastCity_World, double bottom on the 0.5 fib is a possability but not the most probable, if the support holds your idea could play out. On the other hand is the S&P 500 still making progress and as long as they don't correct on a large scale I don't see gold making an ATH again soon. Thanks for sharing your idea!
Here is our idea on Gold. How do you see it?