Monthly and weekly R4 roof (last week) breakouts.
Last week´s R4 breakout continue the next week usually.
Price pulled back to weekly pivot (as it usually does)
and hit weekly reversal level S3.
DM breakout projection (using daily chart ) sends price to weekly R5.
PS Gold is a class of its own. It trends differently from other commodities ( oil , copper ).
Huge demand for gold in times of covid crisis. I would not expect any big bearish sell offs now.
----------
For educational purposes only.
Last week´s R4 breakout continue the next week usually.
Price pulled back to weekly pivot (as it usually does)
and hit weekly reversal level S3.
DM breakout projection (using daily chart ) sends price to weekly R5.
PS Gold is a class of its own. It trends differently from other commodities ( oil , copper ).
Huge demand for gold in times of covid crisis. I would not expect any big bearish sell offs now.
----------
For educational purposes only.
Trade active:
For DeMark breakout projection (on daily chart) I used a rather conservative one - from a shadow of a candle with the lowest close below the trendline as that one works 90 percent of times. The classic DeMark projection 1 from the lowest shadow below the trendline works in 60 percent of cases.