logarithmic chart shows the channel that gold has been in for many years now. Currently gold is fighting the 0.618 logarithmic fib that it has been trying to move past since 2010-13. This attempt at breaking the 0.618 fib has shown much more potential at flipping it to support & once this holds, we could see a move towards the 0.786 fib ($3,145).
Looking at the monthly chart, we can see a little clearer, the fight to overcome this fib level & how close it is to giving way.
Now, when you look at the weekly chart, you can see a nice looking flag pole and channel being formed. This should be the push bulls need to drive the price over the fib with decisiveness to flip the resistance to support.
Having a look at some of the indicators on the weekly chart, we can see that the downwards momentum in the is almost complete. is indicating some upwards movement as is the which is almost ready to move towards a cross. The ichi is and the indicators show that it's ready to breakout soon. The slingshot is also .
Looking a little closer, you can see that there are signs of further downwards momentum in the cards, however, the indicators for the 3-day chart show that we could be ready for a bounce back to the top of the channel & possible breakout.
Now this is an interesting one , BTC & gold have been quite inversely correlated these last few months. The BTC pair for gold is looking very bottomed out on the 2-week TF & ready for a reversal to the upside soon.
Looking a little closer at the weekly chart for the / BTC pair, you can see we are about to pickup the momentum on gold against BTC .
Lucky last is the for the / BTC pair, which has just given indication of the momentum possibly starting here or in a few more days if all goes well.