ZarNegar

Fibonacci triangles

FX:XAUUSD   Gold / U.S. Dollar
1556 8 28
In this chart. there is three triangles. Which are function of the Fibonacci levels.
And also. Two possible wave of Hurst.
Blue Wave is possibility of to form. Is weak
But more likely there will be a red wave.
Maybe this week will be to increase the resistance of 1200 and 1214.
But then will fall to 1161.
I like how you switch your cycles to fit your bias. Very bad idea imho. Price action, the dollar and seasonality are king here. There is absolutely zero chance a rally will come in the summer months. So where does that put the price of gold? Down to sideways until Sep.
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HiTech PRO AyleneRamirez
completely agree, gold is now likely to range for the time being then hit double bottom at 1137 and only then go up... thats how it looks now for me
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It coincides with my analysis of a possible wolfe wave
snapshot
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do you trade and post currencies also?
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But is an important point.
If the resistance in 1180. Do stand this week.
Then we will be waiting for the third triangle ascending
According to the following pattern




snapshot
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It's similar like a chart for audjpy
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It looks like consolidation for bearish movement . In case of over breaking TL we can see a good impuls down.
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thanks for the chart... it looks more up to test 1500 in the long term, but you are right about current support, if broken I also see more downside move
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