RandomOracle

Gold spot 3-month battling major fib before the next move up

Long
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
FX_IDC:XAUUSD

FX_IDC:XAUUSD
3-month 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 bullish flag channel being formed. This bull flag 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 bullish channel is almost complete. Stochastic RSI is indicating some upwards movement as is the MacD which is almost ready to move towards a bullish cross. The ichi is bullish and the indicators show that it's ready to breakout soon. The slingshot is also bullish .

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 XAU / BTC pair, you can see we are about to pickup the bullish momentum on gold against BTC .

Lucky last is the daily chart for the XAU / BTC pair, which has just given indication of the bullish momentum possibly starting here or in a few more days if all goes well.

Comments

Thanks for sharing these gold charts! It's been featured in Editors' Picks. We look forward to following along.
200coins
+3 Reply
RandomOracle TradingView
@TradingView, Thank you!
Reply
Well done
+3 Reply
RandomOracle kennypilanski
@kennypilanski, thank you
+1 Reply
I love this method
+2 Reply
@abel11, Thanks!
Reply
nice analysis
+1 Reply
great
+1 Reply
RandomOracle roseolivia09
@roseolivia09, thanks
Reply
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