** This is a continuation of my previous GOLD Post, link supplied below ** So many of the commentary is already there as to what I was and am looking at. This post is basically a followup as to what I'm leaning towards more so now. I'm thinking based on the current climate, a deeper correction, into the 1700s
The rest of the chart explains my thoughts, with the following: a) bounce at the 0.318 fib level for point A b) point C being the 0.618 fib level in the low $1700 range c) as per my previous post, completing a potential handle on the way up. d) note the MACD on the daily, moving averages and the phoeix indicator, all showing downward pressure and where its likely to find support.
What are your thoughts?
Please give me a tick or like for this post.
Regards, S.SAri (ref. z/chart)
DAILY chart
WEEKLY chart
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Comment
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A nice bullish div. on the short time period, with a bullish candle and hence bounce.
@T_V_TreeTrader, thanks for sharing. I'm leaning towards a handle formation, as the macro is a cup. Hence you missed 1 more pattern, a wedge which can be deeper.
RobynHouston
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I don't think it will fall any more. time for buy
ssari
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@RobynHouston, its a buying level, a nice bounce as per my ABC layout. Note the 100 ema in confluence with the bullish div on the 4 hrly. Hence my update of the post. So its a buying level for the short time period in my opinion