Expecting crude to gap down to 47.3 - 47.5 level to met the diamond buy zone. Price will climb to 48.8 - 49.5 level, possibly a bit further to 49.6. For price to continue uptrend, we expect a pullback to 47.7 - 48 zone and then buyers to push the price back up to extreme level 51.5. Beyond that it's probably a big jump down the cliff to the 30's...
The calm before...
There can be 2 scenario for the movement of gold depending on kicks from the virus or the bottoming USOIL. Scenario 1 can see the continuation of the climb up to 1700 before a correction. Scenario 2 can see the bounce atearly Fibo retracement and an extension to 127.2% back to the previous bearish marubozu. Possible a strong impuse move downwards afterwards.
XAUUSD HAVE BEEN CLIMBING IN RESPONSE TO GLOBAL SCARE WITH THE CORONAVIRUS AND THE MELTDOWN OF THE USOIL. EXPECT BUYERS TO DRIVE THE PRICE UP TO THE LAST SWING HIGH AND WE TAKE OPPORTUNITY TO SHORT AT THE TOP. STOP LOSS AT 10 TICKS FROM STRUCTURE.
Seems to move sideway before movement. Price may climb up first to touch Fibo 23.6 before reversing back into the box. Higher timeframe retracement before continuing bullish climb. FOrecast H1 is short term bullish but the big bearish candles may come back this Monday. Let's see what #Trump will tweet...
Not sure it's the after party or what but QMF2020 is hard to predict and based on fib zones and markings, it will probably zig zag. Let's try to use these zones to take some money off the table from the boozing big boys :-)
If PLV2019 can tests upper S&R Zone and close above 859.0 expect a bullish momentum to TP at 870. Strong showing can continue. But this may be just a short term window as stochastics are peaking at the overbought level. Go long and take opportunity. Exit upon any sign of weakness.
Based on TF15 corrective wave, if price follows previous momentum and climb above S&R Zone it can reach TP 1 of USD55.88.
Be prepared to go short if it tests lower S&R Zone and close below. Weekly still bearish.
Gap down upon market open still bearish momentum. Bears are pushing the price down. If you have no position, wait for chart pattern reversal and confluence with momentum indicators. Possible reversal today but wait for the bears to finish play.