The rectangles are clusters of interest drawn from available PA to time=0 (1970) on different time-frames, recent channels are background colored.
Blue is relatively older with range of 1380-1040 (2015) from the recent green and red(2016).
Magenta is the channel of interest with top of 1880 and bottom of 1040 ...
This is Gold ounce price navigation chart based on channels from previous 50 years for the next 2.5-5 years. Lines are labeled accordingly, upcoming weekly developments and explanations will be updated in comments.
The rectangular boxes are clusters of interest for longs and shorts/ position squaring and ...
If the recent parallel channel holds, given the PA of 2017 monthly, the price has only one way to go: UP for the decade, on the other hand if this is a monthly consolidation, the price will drop out below 1100 and 1000 giving us 940, 850 and ultimately 700s. 2017 through 2023 the most logical path is indicated but ...
With yen getting stronger and the blessings of the FOMC and BOJ ,we could drop another 1000 pips and another 1000 in extension over time/ from 93-83ish :) SL 105 with low leverage is recommended. TP1=93, TP2=83. Best of luck to all :)
After the 1000 pips drop from 121.64-111, there might be an opportunity to go long on an open TP from 111.76. As of writing 222 pips in green with TP open.
Hint: The blue lines from monthly chart represent important zones.
Longed 111.76 with 110.57 SL and TP open (132 actually) :P