It seems that the retrace is done, gold goes on the bull cycle again:
1. bull flag
2. 0.382 Fib retrace similar as last wave
3. similar up-channel and down-channel intersection area, all of them show strong support.
4. RSI support.
Gold is heading 1280 in the big ABCD Pattern. Also gold is standing up the daily cloud resistance again,also the 0.5 Fib, 1230. It's quite strong. Many expect gold fall from 1244, one of the key neckline resistance. I also thought that since the similar pattern as the one from 1220. But the resistance lines are different, the previous one(half) is much stronger....
See the two areas, the latter one might repeat the previous one. They are both around the key line of the falling channel. In my idea, if breaking down 1220, gold will gold to 1205. If breaking up 1230, 1250 is in sight.
XAUUSD ABCD Pattern for the beginning of February.
Expecting gold to touch 1163. But before that, it will touch 1166(around 0.5 of the Fib) and might touch 1181 again, then down.
It's possible that gold will spike up to 1195~1196 and then spike down, it's a good idea to put the pre-position the short at 1195.
Short from 1192~1195, TP1 1174, TP2 1166.