Daily Gold analysis identifying $1904 as the pivot zone
I was doing some analysis in gold for MCW today and made the following observations.
The first red box shows the first correction from the start of the move from the $1615 area, I have drawn the red box then on top of each other which is the same size, so if the first measured move holds $1903.38 area should hold and as you see that coincides which the moving averages I use as a directional indicator. That will then set up a move marked by a second green box targeting the $2167 area. if the $1903 area breaks I anticipate a move to the fib I always favour a move of 70.7% before heading higher again
The first red box shows the first correction from the start of the move from the $1615 area, I have drawn the red box then on top of each other which is the same size, so if the first measured move holds $1903.38 area should hold and as you see that coincides which the moving averages I use as a directional indicator. That will then set up a move marked by a second green box targeting the $2167 area. if the $1903 area breaks I anticipate a move to the fib I always favour a move of 70.7% before heading higher again
Mark Langley