quite hard to see upper target 2417 most certain but dunno about 2439 while 2378 could become battle for further drop later to 2342 and 2285 I added fibo to acknowledge it could drop further
I will see a correction before the rally, I will see gold slump and the dollar stronger because of the trade war MA 20 will become first support retest this scenario valid if gold under 2416
it failed to make higher high as long under 29.4 I will see it as bearish trend for now same with gld I see silver retest 29.4 (lower support) but the risk here retest much lower support on 27 or 28$
usually I will ignore the 3rd and 4th target and focus on 2442 and 2431 all 4 target = based on SL hunt theory Im backtest, still work (if now work anymore I will search a new way), but take time because right now I'm in clash of 2 different concept 1. complex sideway to trap seller and taking time until mid august bullish top cycle 2. looking at silver still...
normally only 10-50 guided bombs/week but when gold breakout there are hundreds of guided bombs each week! Gaza war = 10.000 rocket, 300-800$ each Lebanon war = 200 missiles, 2.000-10.000$ each Russian Guided Bomb = 20.000-30.000$ each the guided bombs size and accuracy improved since mar 2024, 1500kilos with under 10 meter accuracy, biggest size 3.3 tons
last month I learned about a new way to determine the support, because this year it is really weird to determine resistance support. Looks like this not only happens in gold, but also in SPX SPX using the previous small body candle as the next support especially the red candle (I circle the candle) I will show the fibo later because this week I also see fibo...
done testing 5.5 done testing 5 done testing 4.5 breaking 4 and go to 3.5 later 4 and 4.5 will become resistance
gold 2560$ / silver 37$ = 69 but I dont think gold will stay 2560 for long, it will stay 2535 or 2520 while silver more volatile possible go higher than 37$
should I gamble with this weekly indicator? bull trap 2390 trying to break 2358 support? histogram red because red candle? Stochastic try to go under 50 = price try to break MA 50 RSI under MA = price try to go under MA 20 a lot of bad signal and bullish channel need retest too on bottom trendline
under 2358 the previous breakout will become a bulltrap or fake break-out it the same vibe as Ukraine war 2022 where gold dropped to the 1600 zone but right now the support on 2335 (a lot will see it as good zone) but beware the magnet zone on 2324
2384 sl hunt target, 2373 MA support, 2367 bearish target MA suport based on 1H timeframe 4H need under 2352 retest for bearish signal long term Because 2373 = MA support, bull and bear will fight often near that area
People often use by end of the year as time target, but its a mistake to use end of the year for highest target I can use 6month TF or 3 month TF for easy view In this chart I use 3 month TF The marked wick line = oktober november december candle You can see it not the highest performing candle during bullish trend It better in next candle which is January Feb...
monitoring weekly 52k and 47k support it's all about same pattern but monthly not finished yet will bullish pattern IMO
there alot of fibo and pattern in USOIL I will post fibo later for now looks like pattern still bearish until year 2026 or at least until 40 support retest quite funny how Biden want Oil above 75$ resistance 105$ and Trump want oil under 75$ support 34$
1. small beartrap on 2268 2. reversal and retest 2333 and 2359 3. resistance must be strong to drop to another lower low 4. lower low could be 2223 or 2168 after that will see 2391 and 2420 retest that retest will create signal to 2540-2560 like my previous chart
no confirmation yet but it is safe to assume 2314 retest and 2348 resistance retest will happen The indicator spike up, going higher high same with the price makes me think it is a valid bear trap confirmation = need 2360-2378 retest and see if indicator keep going higher or make bearish divergence
I will see it as a bear trap for now since 2312-2316 supposed to be resistance for bear that resistance becomes support again for bull now will we see 2360 Sl Hunt next week? since weekly momentum becomes bullish next week? monthly still doji, will see retest to 2312-2316 for early July as the red candle on monthly opening
2 resistance 2330 and 2323 im implementing a way to see target for SL hunt which forming 5 support my old plan still same, like previous chart just add 5 support to monitor for now