It's possibly over for a while, for gold, a weekly trend expired last week and it hit a massive resistance and was rejected. If you hold the yellow metal, you are better off selling it for USD here. Doesn't look promising in the slightest, and inflation is highly unlikely to materialize, despite the huge money printing we saw after the Coronavirus induced crash. I think this is it for gold, get out before it's too late. I would happily buy it after a big enough fall...
Cheers,
Ivan.
Trade closed manually
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I'm on the fence with the action here, looks like it could have been a fake out and that the weekly trend might take longer to end. I'd suggest to reenter longs soon, if you're following this trend. The rally might extend for 8 more weeks maybe.
@Ali_Ghorbani2559, I think overall it is going to move in that manner, but your wave 4 low is too far down probably. We already saw the low of it, the wave can end at a higher low also...be prepared just in case.
Ali_Ghorbani2559
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wave 4 usually retrace 38.2 - 50% of wave 3 but it's not a main rule. the only rule about wave 4 is that it can't break into price territory of wave 1.
ReallyMe
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Anything is possible, of course, we will have to see. But unlike 2008, when it collapsed and corrected, this time the slope is good. Not too steep.
Thomas N. Bulkowski says, "In my study of trendlines, those which rise up at 45 degrees or less tend to last the longest. And this is going up at that rate ..."
asenski
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@ReallyMe, you do realize that "45 degrees or less" changes significantly when you zoom in/out or change timeframes. You can find a zoom level / timeframe at which any trend could look like 45 degree angles or less.
@asenski, this is a really big problem with that assumption unless you lock the scale, but then again, this turns the 'system' into 100% subjective stuff...
ReallyMe
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@IvanLabrie, please, the entire field of "technical analysis" is 100% subjective. there is not a single objective evidence that any 'system' or 'indicator' consistently gives the correct results in more than 50% of cases.
Spofas
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I'm not in gold, but the trend seems strong and very steady. No euphoria there.
IvanLabrie
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@Spofas, I'm not sure it can break this right away, there's a yearly timeframe trend at play too, so I would be keen on joining it again once we get a correction.
H4
H1