Sorry for the red text (I keep some text next to my charts which I like to update)
Overal Gold is looking very bullish long term, but I believe a correction to the 1250 levels for the short term is likely.
BB:
Already at top, bottom will be arounnd 1250 (daily)
Well over the top (weekly), bottom ~1180
Moving averages:
Golden cross 50-200 day (14-15 jan)
Support 200 day ~1250
Golden cross 20-200 week (eind of january)
RSI:
Moving towards oversold levels. (daily & weekly)
Still on ascending support line (daily)
But starting to form descending support on (daily)
Still on ascending support line (weekly),
Since november it seems to have accelerated
(could retest less steep ascending support)
DXY:
Dollar is on the opposite of all this
It's on the bottom of it's BB's, top would be around 14
dec levels --> in gold this is ~1250
Candle patters:
Weekly:
A lot of engulfing bullish candles, but the last two seem to be hammers.
So possibly a correction before continuation.
Other patterns:
Since 2019 has been forming a wedge,
completes at the end of january
- if breaks 1297 --> bullish
- if breaks 1276 --> bearish
Head and shoulders was almost building,
from 8 janurary till 11 january.
Left shoulder is imperfect.
Personally I'm waiting for a confirmation of the trend.
Overal Gold is looking very bullish long term, but I believe a correction to the 1250 levels for the short term is likely.
BB:
Already at top, bottom will be arounnd 1250 (daily)
Well over the top (weekly), bottom ~1180
Moving averages:
Golden cross 50-200 day (14-15 jan)
Support 200 day ~1250
Golden cross 20-200 week (eind of january)
RSI:
Moving towards oversold levels. (daily & weekly)
Still on ascending support line (daily)
But starting to form descending support on (daily)
Still on ascending support line (weekly),
Since november it seems to have accelerated
(could retest less steep ascending support)
DXY:
Dollar is on the opposite of all this
It's on the bottom of it's BB's, top would be around 14
dec levels --> in gold this is ~1250
Candle patters:
Weekly:
A lot of engulfing bullish candles, but the last two seem to be hammers.
So possibly a correction before continuation.
Other patterns:
Since 2019 has been forming a wedge,
completes at the end of january
- if breaks 1297 --> bullish
- if breaks 1276 --> bearish
Head and shoulders was almost building,
from 8 janurary till 11 january.
Left shoulder is imperfect.
Personally I'm waiting for a confirmation of the trend.