If you remember from a few months ago, where i showed a long term picture about oil, because of a fractal. Now it's not a real fractal they way most crypto people are used to, but this one is just the way long term lows look like. Anyway, it has made a big rally since and moving inside of this channel. So far, there is no sign of weakness yet, the rallies are still very strong and big so far. I think the long term picture is most likely still up, breaking that long term resistance around 1350. This is because i think the EURUSD' will make a big rally this year (so USD will drop) and stock market will continue it's bear market as well. So i think i a lot of money will seek refuge in Gold', so hedging against the USD' and the stock market.
Ideally we see a drop first the coming months, to see if there are more buyers waiting to get in again, like the blue line on the left. But that will depend on if the channel on the right will break. There are several ways to see a high closing in and one of them are signs like i am trying to show here on the right. Where rallies get smaller and new highs get closer to the previous highs. Which are signs of bulls loosing strength and or more profit taking. So this is what i will be looking for the coming weeks. Most traders use indicators to see signs like these, i prefer to look at the chart and see those signs.
Short term there seems to be an important support around 1322, if that breaks, the 1310/1305 is another big support. But if the 1322ish breaks, it could mean the channel will break as well and see something like the red line.
When zooming in, it looks like it will break up, but for now i will simply be waiting to see what will happen before i do something. So nothing short term yet.
Previous Fractal:
Ideally we see a drop first the coming months, to see if there are more buyers waiting to get in again, like the blue line on the left. But that will depend on if the channel on the right will break. There are several ways to see a high closing in and one of them are signs like i am trying to show here on the right. Where rallies get smaller and new highs get closer to the previous highs. Which are signs of bulls loosing strength and or more profit taking. So this is what i will be looking for the coming weeks. Most traders use indicators to see signs like these, i prefer to look at the chart and see those signs.
Short term there seems to be an important support around 1322, if that breaks, the 1310/1305 is another big support. But if the 1322ish breaks, it could mean the channel will break as well and see something like the red line.
When zooming in, it looks like it will break up, but for now i will simply be waiting to see what will happen before i do something. So nothing short term yet.
Previous Fractal:
Comment:
So a break of the triangle and the channel now. At the moment at a big support zone. If that holds, we could see that red line play out on the right. If it breaks, we could see it drop straight to 1290/1300 even. I will be waiting to short it as the red line suggest if we go up here, or long after a bigger drop
Comment:
New analysis Gold:
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