Lets assume Gold can continue the uptrend here are my possible Target Areas for the next couple of Weeks.
1. First Daily Cycle from possible ICL (1122 to 1220)
That first upmove lasted for around 22 days and reversed with a double Top down into a half DCL that only took 4 days. We bounced at Fibo 38.2 (1182) and this opend up target area -38.2 (1257). Marked by...
Interesting possible pattern corelation between DXY and Gold
Gold = Candles
DXY = Blue Line
Gold printed a big Cup&Handle pattern with a neckline at around 1230.
Also DXY printed a huge Head&Shoulders pattern with a neck at around 99.25
If DXY manages to print the right shoulder (upwards move till around 102) this could send Gold down to around 1205ish...
After the "Yellen" drop friday evening we hitted the 1207 support level and bounced back quite nicely. the divergences in the RSI and stochastic indicators are getting realy huge now so i guess its finaly time for a pullback before we go deeper.
Levels of pullback could be:
around 1237 = .382 Fibo
around 1246 = .5 Fibo
Fibo levels are based on the last...
got in both timeframes divergences - the one in h4 is rly nice too see
guess we finaly bottomed and its time for a pullback.
Target at around 1235/1240 should be reached at least
Main direction remains short
Would be the first touch of EMA20 since about 15 days. EMA20 is currently floating around 43.15 below that we got a tight support area only a break of 42.50 would deliver further downside in my opinion.
Since Oil bottomed (26$) we rallied up to nearly 42$ without any significant pullback (no lower lows). When u check my chart you will see the following:
Fibo .382 @ 35.80 (Retracement since last rally)
50EMA @ 36.09
(imho strong) Resistance @ 36.00
we are still way above the lower trendline (pink) so we are still in an uptrend
Possible Rising Wedge in 4H
Resistance 200 EMA at 41.97
MACD in H4 with crossing lines
Resistance Level at 42
strong up movement after the roll over
Im an amateur so im thankful for every helpful hints