For now we are still above the weekly MA(200) and the daily uptrend is still intact.
If the recent uptrend (see daily chart on the right) fails, then the next down target and level to watch for a possible reversal is at the weekly up trendline and/or possibly at the daily MA(100)...
The 4H TF shows possible (double) H&S pattern could develop with first target around 1250...
I will therefor focus on the level 1250-1270 first...
Further break below will likely give way to at least 1200 which is the next level of possible strong support.
If the recent uptrend (see daily chart on the right) fails, then the next down target and level to watch for a possible reversal is at the weekly up trendline and/or possibly at the daily MA(100)...
The 4H TF shows possible (double) H&S pattern could develop with first target around 1250...
I will therefor focus on the level 1250-1270 first...
Further break below will likely give way to at least 1200 which is the next level of possible strong support.
Comment:
No retracement so far, 0.618 surpassed, zigzag correction is very unlikely now, flat correction or new uptrend, both are possible...
Next level to watch is the former top and upper BB around 1375...
Glad I went long at 1314 for my longterm position...
Next level to watch is the former top and upper BB around 1375...
Glad I went long at 1314 for my longterm position...
Comment:
C wave?
If harmonic (AB=CD) then target is between 1302 and 1293... (0.786-0.886 ret. so 1.13-1.27 ext.), if extended then look for possible alt 1.618 AB=CD which would end around 1271...
Watch for confluence with test of weekly MA(200), daily MA(100) and/or the 'up' trendline
Do not forget about the 4H chart posted before (support levels ~1300-1250-1200)!
If harmonic (AB=CD) then target is between 1302 and 1293... (0.786-0.886 ret. so 1.13-1.27 ext.), if extended then look for possible alt 1.618 AB=CD which would end around 1271...
Watch for confluence with test of weekly MA(200), daily MA(100) and/or the 'up' trendline
Do not forget about the 4H chart posted before (support levels ~1300-1250-1200)!
Comment:
It seems I mistakingly entered the wrong number in the fib tool (-0.131 instead of -0.113...):
the 1.13 ext. is therefor at 1303.52 and not 1302..., not a big difference but it was wrong so...
Corrected chart:
the 1.13 ext. is therefor at 1303.52 and not 1302..., not a big difference but it was wrong so...
Corrected chart:
Comment:
Gold is showing some pinbars on the daily, might be an indication that we have a resistance area on top and it will drop again..., momentum indicators not conclusive, close to flat with room to either side...
4H shows a possible flag or triangle ready to break to the downside, we'll see...
I hope it does go down so I can add to my longterm long position at a better level...
4H shows a possible flag or triangle ready to break to the downside, we'll see...
I hope it does go down so I can add to my longterm long position at a better level...
Comment:
4H stochastics overbought but PA weak, may be going down soon...
Comment:
Possible triangle on the daily...?
Weekly/daily update: