1985 = wave 3 of wave 5 the small wave 5 = wave 1 why I'm drawing this? because from 2025 to 2064 = ABC wave it's will be invalid if above 2071 so under 2071 I will seek 1985
if 2052 support hit it will drop to 2044 again later note: my fibo rule experimental and too flexible it's a part of my training to use fibo better
30min and 4 h still bearish for me the easy indicator = MA 9 MA 9 = MACD cross and momentum usually I would make a 2005 as bearish target, but there is invalidation based on old chart (I will post it later) on that chart gold bounce from 0.618 fibo
wrong time to start the war There is no more bearish trend for gold IMO bearish trend target 173x to seek triple bottom invalid IMO based on current indicators the best way to stop buying when stochastic topped which might go from 1990 to 2030$
right now 4H current PA nearly make bearish divergence, assuming 2075-2084 as bearish divergence, with 2056 support and 2044-2047 but 4h, daily, weekly, and monthly right now in very strong bullish PA so 2120 won't hold, I assume 2170-2190 will hit next month (Jan 2025)
it depends on 2071 rejection (reminder daily weekly monthly still making 2070 as resistance)
there 3 route after hit 2075 the problem, 1. I don't know how THE PA on Jan 2024, I don't even know will it hit 2054-2056 or not but 2. I know it will retest 71 resistance 3. I know high TF such 4h, daily, weekly and monthly still bullish so based on info number 2 and 3 I work my way out to create 3 scenario 1. bearish long term will stuck on 2066 rejection or...
S & P weekly flat pattern there a separate bearish divergence on 4h and weekly chart invalid if S&P retest 4300 area without hit 5000 area hit 4300 = signal drop to 4000 area
Under 2071 got 2060 But if hit 2060 possible hit 2044 So bullish might want to be wary when gold under 2071 Long term still bullish just weird how there a signal to 2044 (since there is a MA around there not tested yet)
based on old chart, 2020 = resistance for bear, but it failed, soon will become support for bull so monitoring retrace up 2058-2080 with extended target to 2120
1. bearish failed to hit 1.5 fibo around 1940 2. even if hit 1956 it still weak bearish momentum 3. now based on my own opinion, when I backtest this kind of failed bear, usually need to hit 2062 as bullish signal 4. but right now it rejection on 2047 fibo, leading it will retest 2009 fibo there is 2 scenario 1. bearish continue under 2009 fibo, it might hit...
based on old chart there is invalidation bearish trend if gold stay above 2062-2075 there is a fibo zone on 2083 too (old chart) and it still showing on small tf fibo (but I never use 4618 fibo so I wish it stuck on 2067 so I will use new fibo there
usually indicate a strong potential bullish target 2 times I mark 2120 as first target and 2170 as next target
note: this is just precaution, a risk management, a bad scenario when happen, and know why it could happen there an article in twitter posted by Kobeissiletter (the source of picture) it making similar movement like stagflation which potentially could see a higher inflation later but we are not in stagflation because inflation and unemployment still low and...
retest 0.382 = usually bearish signal for later (it can still go up first) break 0.382 fibo = bearish signal
remember: 1. above 2000 like retest 2001-2003 = 1st signal to 2028-2033 2. both 1981 and 1974 very good reversal zone, under 1974 would be hard to seek reversal signal
im still bearish with 1987 or 1982 or 1975 as next target but above 2000$ possible retest 2028-2033 and that 2028-2033 = gate to 2050-2056 and 2070 also 2120 = very interesting zone if gold go above 2070
just using it to see what level under 1970-1971 got 1953-1956 and 1938-1941 it also show that 1971 and 1985 will become resistance retest after price drop to under 1970 4h also show that 2069 or 2071 become bearish invalidating for gold to continue bullish long term with potential retest around 1950-1955