Pattern: Channel Up on 1D. Signal: Bullish as the price is reaching a Higher Low. Target: 1460 (because of the dashed lower slope Resistance).
Pattern: Rectangle on 4H. Signal: Bearish on the 4H Resistance and 1D Resistance. Pick depending on your risk tolerance. Target: 1,390 (the 4H Support).
Gold has entered its 5 year Resistance Zone (1350 - 1365). This alone is an immediate sell signal. What's even more interesting though (and a stronger reason to go short on Gold) is the cycle that the metal tends to seasonally follow every 1.5 years. The chart speaks by itself. I have distinguished two time periods: 2017/18 and 2019/20. Every time the price...
Pattern: Ascending Triangle on 1D. Signal: Bearish as it is testing the last Resistance (twin rejection) Zone before the 2019 High. Target: 1290 (Higher Low on 1W). * If the Resistance Zone breaks, assume a fast rise to 1345.
Pattern: Bearish reversal candle pattern on a 1D Lower High sequence. Signal: Bearish after three straight bearish 1D candles printed. Target: 1270 (just above the 1D Support).
Pattern: Inverse Head and Shoulders on 4H. Signal: Bullish if the current candle formation (circle) breaks upwards, bearish if it breaks downwards. Target: 1310 for the bullish break-out, 1268 for the bearish break-out.
Pattern: Lower Highs on 1D. Signal: Bullish after a new Double Bottom on 4H. Target: 1280. This is the 0.618 Fibonacci retracement. Every previous Double Bottom formation rebounded to the 0.618 Fibonacci level.
Gold has been declining since mid February and the 1,346.79 High. If this pull back has been purely technical then the important test on the 1W chart has arrived as the price is on the Higher Low region. What is more interesting is that last time Gold tested a weekly Higher Low on a similar pattern was in December 2017 and the rebound was so strong that gave way...
Pattern: 1D Triangle. Signal: Bullish as the price has rebounded on a Higher Low. Also the 1D Support Zone is just below. Target: 1310 (Lower High). If the Triangle breaks higher then 1321 and 1345 can be used as extensions.
Pattern: 4H Channel Up. Signal: Bullish as the 0.5 Fibonacci retracement level was crossed and is headed to 0.618. Target: 1345. Long term overview: