it won't retrace down as long price above 1950, possible hit 1977-1981
Based on old idea rejected on 32 So safe to assume it would retest 32-33 first, if 1942 broken down Bull will try to double top 1960-1965 Based on weekly it would be annoying consolidation So 1960-1965 would act as strong resistance Gold would try to break up 1962 start from 25 Jan When weekly indicator matured for overbought with target 2150$ But don't forget...
monitoring 1926 and 1916
wait until triangle break down AND GO UNDER 1856
Target 1844, waiting for bullish divergence on 4H again later bull? break up 1895 needed, but I doubt it :( at least need Jan 2021 bullish news
IMO the resistance lower each day (ma 100 blue colored) and there is ma cross from green and grey soon must wary this week could start bullish to 1990-2020 with previous ideas, I said 193x and rsi above 60 but under 1870 must wary of the bear trend too (1844 as tp 1?)
Daily candle failed to close above 1900 and making 1900 as strong support So we look out for weekly candle close now, above 1869 important for continuation of bullish trend Based on weekly possible to form double top on 1960 area, but 1 candle would close at 1930 area to form resistance there (later would be used as support) Down trend: need a weekly close near 1837
since it break down 1870 1847-1852 area would be interesting target break down diagonal support would leading to 1818 double bottom, but there a chance bullish divergence around 1850 too, while retest the diagonal support so... 1850 would be really interesting target for now it same energy like 1819
bear scenario if 1870 break down after retest 1902 or break down 1877 without retest 1902 so it's a fight above 1902 or under 1870 under 1870 possible bearish term to 1800 but, it must break down 1860,1844 and 1833
give time for retrace, real bullish 193x to 2010-2020
anything under 0.382 mean a strong bullish signal we see a bullish to 1.5 fibo from 1 wave up
remember there is possibility a fake up / bull trap by market
WXYXZ need confirmation from wave 1 up to 1860 or 1864 (for confirmation wave 5 up) as wave 1 then max drop to 1832 or above 1832 as wave 2 under 1832 must be careful of chance drop to 1806 then break up 187x wave 3 up possible 1904/1910 wave 4 down possible 1891 wave 5 up possible 1929-193x note: gold already trend up from 176x stopped at 1875, intended or...
this idea not for long to 2010 or 2020 (as long gold under 1875 risk retrace down to 1800 area) this idea just a reason to wait retrace down minimum to 195x or 194x possible shallow retrace 0.727 then go higher (max to 1.618) 2160 area
not a prediction, just drawing horizontal resistance support and "shadow" chart it to see if the horizontal trendline work as intended or not
higher chance of bullish trend if stopped at 1841-1848 but if hit 1834 then it would be 50:50 scenario if rejected at 1834 monitoring 1855 and 1861 as first signal of bullish continuation or not
higher chance of bullish if rejected at 1841 or 1848 but if gold stop at 1834, we will see 50:50 route again but it more likely act as bear trap, with signal if 1855 and 1861 resistance broken