All clear at chart! Just note that the key is patience to get a clear re-test and bounce for getting in long which may take couple of weeks to play out. Let price make a clear support t broken resistance on daily before taking trade.
We can see a double bottom formation on daily chart , So for long entry we can observe price action around neckline. I believe we are still in downtrend but we need to go up for third time touch of the trend line (and maybe some fake breakout to 1500 area, then we maybe see last push to the downside. lets see
There is a lot to talk about fundamentals of why such a thing can occur in following couple of years, but as a summary of all we can tell that U.S would be in a very very bad situation in near future if it would not control dollar demand. So they have to devalue one way or another... we`ll see...
The trend line mentioned has holding the price for last weeks. We are in a bullish trend in higher time-frame but first we need to do some retracement which currently we are in it. In fact this form of complicated moving pattern that we are seeing in gold for couple of weeks is due to to the nature of its wave structure which can be understand by EW theory.
main trend is bearish but there is a room to fill for the trend to be completed. you can easily find the weekly descending trend line and if the price hit this trend line there are multiple confluences to short and it would be very great trade. So lets watch if market makes some retracement first.
All Clear at chart
just note that, this is EW analysis of higher time-frame which could be very time consuming. So any long entry must be done by lower time-frames confirmation and a safe stoploss (not to close, this is gold and this is very volatile)
The current trend has reached every target on the last bullish trend which makes me believe that the last target is reachable! The huge weekly candle in 2/6/2016 which is the start point of the last bullish rally until 2018 is not appear in Trading view, but you can check on other platforms to see it.
The finite target is the end of that candle which makes it...
This is what I think about the pair. Anyone who would like to get involve in this should consider 1.33461 as stop loss (with confirmation of a daily candle- even an H4 candle- closure above the area).
If goes as I predicted do not worry about the round number 1.3000, it will be shattered like it was never there lol. For further movements analysis...