Starting monday I am buying 1553, 1555 & 1557 for targets 1574 & 1588. I expect 1588 to hit by Tuesday end of US session. Possible H&S with right shoulder at 1588. I am expecting 1535 from there, which will be the ultimate buying opportunity for 1700+. Good luck and trade safe.
This is a possible bearish scenario for gold to make a double bottom before taking off. The weekly pattern is similar like when it made a double bottom at 1266 before taking off for 1555.
We will get a retrace to 1463 +/- $2, make a double bottom at 1446 (161.8 fibo extension of Friday's candle) and then go to 1491.
Gold is currently in an uptrend channel, and Friday it touched the lower bound of the channel at the 76.4% fibo retrace. There is also a strong hidden bullish divergence of H1 & H4. My targets are the top of the channel (1489) which is also the 1.272 fibo extension, and TP 2 is 1499 which is the 1.618 fibo extension. I will take partial profit on TP1 and put a...