It seems that the retrace is done, gold goes on the bull cycle again:
1. bull flag
2. 0.382 Fib retrace similar as last wave
3. similar up-channel and down-channel intersection area, all of them show strong support.
4. RSI support.
1. bull flag
2. 0.382 Fib retrace similar as last wave
3. similar up-channel and down-channel intersection area, all of them show strong support.
4. RSI support.
Comment:
The second one is 0.5 Fib Retrace.
Comment:
Don't know why up-channel is not being shown on the chart. If you use chart share link :
you will see the channel
Comment:
A re-test of the 1220 area is possible.
Comment:
Gold looks so weak lately. See the price action around 1217~1220. If it cannot hold, it will lead to 1210, 1200
Comment:
Let's see if the support lines will be tested multiple times before going up as before:
Comment:
Breached the support. It will go to next trend line, which is 1210 area and 1206 area.
Comment:
Trade closed manually:
Gold going down.