If the cycle repeats itself... As ECB is expected to continue the monetary easing
Idea: 2 identical drives lower. That would imply EUR/USD to test 1.20- 1.22
Unless this bounce off of the lower median line parallel fails, the gold/euro exchange rate may still have a potential to reach 1030. It looks to me like the price is going to make another rally before it abandons the up fork altogether. So I remain bullish about it.
GOLD/EURO very oversold, at the potential support. Is it about to find some bottom or continue even lower? A week ago it was one of the strongest markets trending up! Incredible!
Everybody is looking at USGOLD now, here i found a clear long term opportunity to buy gold. This setup is also supported buy Elliott Waves but i think the technical analysis is enough. Looking at W1 chart we have: - Price bouncing from trendline support - 0.61 fib retracement - bullish hidden divergence - AB=CD pattern (weekly) Here on D1 chart: - bullish...
see chart for detail
See details on chart. Am a forexgod. Remember to follow me.
The correction since the beginnings of 2015 appears complete (EW=a-b-c (w-x-y-x-z)) and a new rising trend is underway assisted also by the formation of a three drives pattern. The descending channel is about to be broken upwards and PMO has given a strong buy signal
Bouncing from support line coming from 2006 (at €970/oz) it is attempting to breakout