Gold market on 12 hour scale / 30 day harmonic sequence showing trend on Fib fan tracking toward a Dec 13th bull target of 1476 to .75 fan channel.
Bull continuation would target at 1487 at .618 and 1498 at .5, indicating monthly bull trend.
Dec 15 Bear pivot would trend to monthly low support of 1445 at Fib 1.0.
Trendline support below at 1434 would signal...
Yearly rising trendline (Red) from August 2018 converging with monthly falling top trendline (green).
Bounced off of red yearly and now riding green monthly. I expect this to provide resistance heading back toward 1450s.
Looks like an ascending wedge forming along the trend lines.
Bad news out of China is positive gold. Impeachment dragging down trade talk leverage, while Hong Kong burns.
Let's see if technicsl patterns Trump news cycles.
Classic symmetrical shoulder retracement from Sept 18th rising from 1484 to 1536, back to current 1497 shows potential to consolidate in mid-upper 1480s first of Oct.
.5 fib from h/s formation would support at 1478. Further solid breakdown below mid 1480s shows a drop to 1450 range could develop rapidly over the following week, with a potential break below to...
Looks like a potential head and shoulder forming with good symmetry on the right should being set up for a Monday opening in the current 1424-6 range. Only question is the giant head divot that looks pretty mean. Shoulders and pits aligned with yellow trend lines.
If the hourly trend starts falling down the right shoulder Monday or Tuesday it could be a pretty...