BREAK DOWN!!!!! note: make sure it really break down with more candle
wait for triangle break out and inside bar BOX area break out if break down possible curve down before bullish again then around 178x we will start entering a long term bearish trend
monitoring the bullish flag with target 1770-1780
it's just speculation IF rejection at 1772 then I will see 1721 as TP1 and 1698 as tp 2 note: potentially it should go to 1783 based on my old theory, so patience needed to monitoring the reversal signal
this is just speculation, the target for rejection (above 1765) still unknown with this theory we will see 2 bullish impulse and 1 bearish correction 1. 1770-1780 then bearish correction forming a curve 2. 1800++ special note: daily really respect RSI 50
I would create a small scale later, but I cannot clean this chart, each chart important for me summary: there is a long term channel on 4h black color and cyan color each for 1 month, so it's good to know there is a trend for 1 month, it's not chaotic like i knew caused by covid-19 actually gold still following technical analysis since the red channel always...
key area to monitor 1. 173x correction next week 2.178x rejection 3.173x rejection
it can go to 1758 then retest 1748 before bullish (touching 1758 could be a good sign for bull) or turn out into fake break out and bearish to 173x area (if next 4h candle close under 1748/red candle) so next 4h close really important while 30m analysis still bullish
perma bear like me like to see a proper correction but look at 4 h!!! proper correction only happens at bearish long term on 4h!!! (blue channel) all bullish impulse (the red channel)always small channel goes up crazy if I want to trade again, I must see gold entering bearish trend with a wide channel if small channel there will be no proper correction
bearish MACD note: weekly bearish MACD really STRONG INDICATOR bullish while this still not finished = BIG RISK
MONITORING NEXT WEEKLY CANDLE CLOSE if under 1744 even worse close under 1730 not good sign!!!
Also support my ideas about weekly close arround 1734 It it would correction under 1734... then go up to 1758 Monitor rejection from 1758 But see it as weak resistance maybe from 1758 would retest 1745 as support then go 1770
it act as reversal pattern but in long term? no comment
key: 1. 1732-1750 weekly close = bullish next week 2. under 1732 = side way with attempt daily candle close under 1714 3. so for intraday daily candle close under 1714 really important as bearish signal 4. 1683 would be a magnet for next couple week target if bull failed weekly close above 1732 (must daily close under 1714 first)
under 1727 on h4h candle close would be perfect as bearish signal I would target 1718-1719 area since i see rejection from there before drop again to 1707-1709 area