Daily Supply Zone on top of zone. Price reacted nicely off the lower zone. Estimating that a little reaction will occur off the higher zone above marked "Sell Zone"
....... looks bullish still to me but we will see
If Gold Broke This Channel it will be interesting to sell at 1,190 with an objective of 1,170
As expected, GC didn't break through 1220 and went down to 1200 range and fell into the blue box support range. It's likely to to test 1188 directly or went up from 1200-1210 and test down to the next support again.
Running into the red line of resistance, which was old support, has caused gold to take a pause forming these double top clusters. Prices have sneaked back down to the lower trend channel line which I view as a shot to take a long. Time will tell if it holds.
Already build a short position at 1218. Gold fails to break out strong resistance and potentially go down to retest 1200.
Gold: a picture perfect uptrend. Breaking it down on a micro view it's semi caught by this red line which is old support. I'd look to buy dips, in particular near the lower channel lines. We'll have to wait and see if this area is able to turn the uptrend into a rounding type top.
This is only a trading capability - no recommendation !!! Buying/Selling or even only watching is always your own responsibility ... .zip (with PDF`s) @ my Google Drive 4XSetUps for next wee - friday close (32 Commodities) drive.google.com Best regards :) Aaron
Orders: SELL 1223.0 SL 1228.0 TP 1170.0
Impressive rally since December... But on low Volume. I guess there will be a fight for the 1220 Region and maybe a surge till 1250 but my target remains in the 1040-1050 region for Q1/H1.
GC might retest 1220 tomorrow, if not break through, it possibly will go down to 1200 and test support.
Let watch whether GC will retest 1220 again to break through or down to 1200 to test support.
A possible cypher pattern in the hourly chart. Price is near the top of the regression channel plus near 38.2% fib retracement of the longer time frame. Expecting the highest of 1221 before pulling back to the completion of the pattern.
As the MACD looks to roll over in TY1 and the rise in yields looks to resume, gold is in a bind given the two have a notable inverse correlation!