A very cluttered chart but it paints the necessary picture, we've seen that flash crash on Gold this past Monday and a lot of traders feared buying because they believed price will trade higher, but we had so many confluences to go. Now we see price retracing towards the Relative Equal Lows it failed to break for almost an entire month. It is pivotal to watch how price reacts to this level if we break 1800$, we'll see bulls showing their strength by breaking confluent resistance area. We have the descending channel around the 1800$, we have the important fib levels that are key reversal areas (OTE) as well as those REL (relative equal lows). There's a key level there (look left, previous higher low) and we have the average closing price hanging around there.
The 1800$ area is a pivotal one, all the confluence in the world to go short at this area, we have DXY reaching a support zone as well. Trade with caution, have wide enough stop loss to not get hunted but also keep in mind risk management if you do decide to sell.
Take care, do me a favor and hit the follow button, comment your analysis I'll give each and everyone a like and feel free to correct any errors you may see in my analysis. I am open to constructive criticism.
Thanks, already buying @ 1757, hoping for gold to hit 1800
Viktor_FX
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Thank you for thorough explanation of your analysis! They say Gold is now bottomed out after 3 touches at Zone 1670-1680 and $ is weakening now... so Gold boosted antigravitation! )
Austin_Palmer
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@Viktor_FX, Thank you for your comment. In my camp we are holding long positions and looking to close partials at these key areas I spoke about in the analysis. I'll be watching closely to decide whether I wanna follow "Elon Musk's vision of going to the moon" or CRASH like the Apollo.
Viktor_FX
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@Austin_Palmer, good flight and always wear "parachute" - don't let your ass crash! ;)