Real gold is not afraid of the melting pot! Gold Weekly :)
Hello fellow gold traders!
ive been busy (not to say lazy) lately and did not publish, im gonna go abit hyperactive and make up for my absence ;)
lets start where it should start and take a look at weekly, as you can see price hit the ATH of 2070 which was for a long time out of reach. and as expected, the volume on that candle equals the sum of all the volumes that came before, signalling a more than probable fall. things cant always go up , right ? ;)
Now we take a look at that falling side in more details to have a chance of seeing where it might go....
first falling algo, as you can see, correted to its 0.618 fib at around 1999 and then went staright to the first algo target at 1849 and then to the second at 1786. too perfect right ?
next algo could not correct for more than fib level 0.45 as the hope for any new ath disappeared and was replaced by the fear. and then went down to first target 1739 but abit short of second target at 1666( fib level -0.618) the move stopped suddenly at only 55%, which is a well known historic support since APril 2020.we will see this level in more details later on.(yeah , lets make this idea 100 page long! XD )
third move was more classic, going to golden zone 0.618-0.65 fib level at 1800-1807 and then head diving, reviving the hope for bears now having targets at 1636 and 1568 (fib levels -0.236 and -0.618)
but we have the historic level of support at 1680 blocking the bears target. this level has been tested 4 times, which lets us wonder what will happen in 5th try....
adding some fork might be of some help in this golden mess ;)
well, downward as we imagined, and under the median, which suggests going for the next parallel probably.
and that second target at -0.618 fib seems to have structural influence too as you can see:
this area has been an important zone in past price reactions too if you move back in chart
all that together, the probability of moving for the unbelievable , out of reach flashy target at 1555 ...ish increases alot!
which could complete a nice ABC (Bear with me XD im new to EW! :P )
adding the weekly rising fib from 1046 to 2070 adds the confluence of fib level 0.45 , which is a common failure to reach the desired 0.5 level, in this zone too.
we have enough confluence at that zone to be able to consider it as a probable target while still keeping an eye on that 1680 lulti wick zone.
And keeping in mind that its gold, as capricious as any other golden creature we know ;)
Wishing you all the best of the best in everything.....and in trading!
Onviously not a financial advice, do i look like your banker ? XD
Have a great sunday....and always pass a wink to your left ;)
ive been busy (not to say lazy) lately and did not publish, im gonna go abit hyperactive and make up for my absence ;)
lets start where it should start and take a look at weekly, as you can see price hit the ATH of 2070 which was for a long time out of reach. and as expected, the volume on that candle equals the sum of all the volumes that came before, signalling a more than probable fall. things cant always go up , right ? ;)
Now we take a look at that falling side in more details to have a chance of seeing where it might go....
but we have the historic level of support at 1680 blocking the bears target. this level has been tested 4 times, which lets us wonder what will happen in 5th try....
adding some fork might be of some help in this golden mess ;)
and that second target at -0.618 fib seems to have structural influence too as you can see:
this area has been an important zone in past price reactions too if you move back in chart
all that together, the probability of moving for the unbelievable , out of reach flashy target at 1555 ...ish increases alot!
which could complete a nice ABC (Bear with me XD im new to EW! :P )
adding the weekly rising fib from 1046 to 2070 adds the confluence of fib level 0.45 , which is a common failure to reach the desired 0.5 level, in this zone too.
we have enough confluence at that zone to be able to consider it as a probable target while still keeping an eye on that 1680 lulti wick zone.
And keeping in mind that its gold, as capricious as any other golden creature we know ;)
Wishing you all the best of the best in everything.....and in trading!
Onviously not a financial advice, do i look like your banker ? XD
Have a great sunday....and always pass a wink to your left ;)