I am Bear wjen it comes to Gold , but I found interesting situation here and it may repeat itself next week.
Sometimes I am doing Average number calculation, what it means is that you take and count together Highs, Lows and closes, and get Average H , L, C.
H would be 1348.99 + 1323.88 + 1356.44 + 1389.99 + 1345.77 / 5 = ?? ( Mon - Fri )
The same is going on with L and C.
So you get Average H Average L and Average C.
( This is what Iran quant mathematicians came out with for Absolute Fibonacci Theory ) I am not the one that found this out.
And I found interesting next week data that is speaking against daily.
But as we know Monthly data is more powerful than weekly, and weekly is more powerful than Daily.
Daily is ment for Scalping, swing trading, but if we want to get a bigger picture for the week we need to see weekly.
So Generaly Weekly is suggesting a Buy.
So let's start step by step.
First of all we are in the bottom of wave 6 ( You don't want to joke around with wave 6 )
As well we can see that Temporary upward direction, MS , TIS and HTD is suggesting and upward movement.
Market Heading point is higher as well
So we could use Wave 5 Reversal point 1320 as a place for buy on monday.
That's fine, but here is where the problem starts.
Wave 6, and trend identifier , and wave 5 100% is all around this zone. We can complete first buy signal and hit TP
But as you can see next buy starts above 1340, so for it to come true it has to get thru this
But like I said I had a situations like these in past, and what can generally happen here is that we can reach all these , and other levels , get a bounce back to 50% area from wave 5 ( 1325 ) and then breakout.
I have seen this a lot, that's why I decided to publish this Average calculation idea, since I spot the same setup that can happen.
The problem is that I don't like to do these deep calculations because then your head is burning with all these levels, and points, and it can drive you mental.
That's why I use only daily swing levels and scalp within them.
As well deon't get confused with number, some people say why it is 0.0000 not 0000.00.
Becaused I am too lazy to re-do the calculator and I don't have time for it, so if it says 1.3256 then it is 1325.6.
With that said for now These levels are speaking against what I have on daily, ( Daily is still suggesting sell from 1322,23 area )
But we'll see whats going on day by day.
On monday we start Interactive swing trading.
Take care and be well.