Hi,
Let me explain what the chart says;
From 1180 t0 1433, gann fans and fibo retracement shows 1306-1313 will push up as happens many times before. That's why, on friday it closed over gann fan 4/1.
If gold pull down gann fans 4/1 and fibo %50, it will go to neckline 1270 ( this time 1285 or 1293 which support many times can not be against the strong formation H&S). When 1270 happens, formation will starts with 150 points pull down and also it makes double deep.
I am not sure market wants double deep.
Thus, market should protect gold agains H&S formation for a while. ( at least the formation get lost).
In my previous chart, there is misunderstood about the situation. I have to admit that drawing had a littl fault. Before 1270, gold should go up, it is my opinion.
Anyway, fisrt pish up could e 1323 but not happened. If gold keeps itself above 1350, the targets and axplanations are listed:
1- 1350 which is a resistance, coming from past, will be seen in two days.
2- Then, may be a small retrace to 1338-1344.
3- If it achieves keeping above 1350, both gann fan 3/1, fibo %23.6 and bollinger upper arm will be seen next week ( 1370-1380)
4- At this point, it can be given back %50 of the 1305-137x movement, dont wory RSI 70 still not seen.
5- Then, it is time to break fibo %23.6 and welcome to 1400.
6- It is possible to test support again but then fly cont. to %100 finally.
Let me explain what the chart says;
From 1180 t0 1433, gann fans and fibo retracement shows 1306-1313 will push up as happens many times before. That's why, on friday it closed over gann fan 4/1.
If gold pull down gann fans 4/1 and fibo %50, it will go to neckline 1270 ( this time 1285 or 1293 which support many times can not be against the strong formation H&S). When 1270 happens, formation will starts with 150 points pull down and also it makes double deep.
I am not sure market wants double deep.
Thus, market should protect gold agains H&S formation for a while. ( at least the formation get lost).
In my previous chart, there is misunderstood about the situation. I have to admit that drawing had a littl fault. Before 1270, gold should go up, it is my opinion.
Anyway, fisrt pish up could e 1323 but not happened. If gold keeps itself above 1350, the targets and axplanations are listed:
1- 1350 which is a resistance, coming from past, will be seen in two days.
2- Then, may be a small retrace to 1338-1344.
3- If it achieves keeping above 1350, both gann fan 3/1, fibo %23.6 and bollinger upper arm will be seen next week ( 1370-1380)
4- At this point, it can be given back %50 of the 1305-137x movement, dont wory RSI 70 still not seen.
5- Then, it is time to break fibo %23.6 and welcome to 1400.
6- It is possible to test support again but then fly cont. to %100 finally.