could be on the rise. The chart shows that gold
is moving in an accumulation range. The two edges of the accumulation range are marked by yellow squares. These are the "spike areas", which mean that price movement may reach these bands within a day, but prices may not close below them. These areas are characterized by being symmetrical to the average of the 14-day falling candles and the average of the 14-day rising candles. In other words, it is sellers and buyers ratios in these areas that are equalized. We therefore call this area the two edges of the accumulation range. It can also be seen that the lower part of the area coincides with the level of W1ATR50%, which is indicated by the white dotted line. This is a strong level because this level is the 14-week average of the weekly ATRs
. This level has been more of a decision point for larger investors almost. Therefore, these levels are difficult for shorter-term or intraday traders to break through. Currently, I expect the gold
price to rise from this level and create a rising wave sequence with a primary target price of 1880 usd. Therefore, I am taking a long position at this level.