Following the previous Weekly chart, we have a triangle pattern forming between the Weekly retracements.
Along with the things mentioned in that post, this is another confluence adding to a bullish move happening by the end of the Month / beginning of Feb.
Come back next week!
Currently we are between the 61.8 and 78.6 retracements following the big move in November
The grey arrow shows that we had a Lower High formed, just barely, from the 22 June low - followed by a bullish engulfing.
And since then we have had a Weekly wick to the 78.6 again and close above.
A solid Weekly close above the $0.366 and we are away.
We have a higher chance of continuing lower with the bearish momentum on the $.
Though we have seen a nice rejection of this support and the momentum has slowed down.
Whether we see a continuation of the current trend or we break the trendline and go higher.
The fundamentals this month should aid this move whichever way it goes.
Following the previous chart, the lower timeframe fib has now been invalidated and I will be going with this set up going into next week.
Daily fibonacci drawn between the range shown, the support and resistance can be found on the Weekly chart.
A healthy pullback towards $0.25 - $0.20 looks likely if we see the daily closing bearish.
I would hope to see a turn...
Following the wedge we broke overnight, this fib is looking nice too continue the bullish move.
Low time frame fib so not as solid as a confluence than the usual fib set ups.
Lets see how the weekly closes!
Gold loves the 78.6, lets see $2000 again and cause some FOMO.
The fib now shows the last high at the start of Nov to be at the 61.8, the daily shows this clearer,
Ideally this high would be wiped out before we see a move lower.
Fundamentals may play a key role with this pair with election results being clarified this month (aka Trump W)
Bullish until if this...
Following my Daily chart on this chart:
This intraday fib adds up to see a push up to 93.5 before we get an idea on who tf won this election, Jan 20th.
From there I would expect the $ to continue crashing, just an idea.
I would not trade this as it is going against a heavy downtrend since...
More fibs aligning within the higher time frame ones
Weekly 78.6 - Thick Red Line Below .27
4H 61.8 - Thin Black Line
15m - Retracements
These have been tapped and closed on quite precisely, should be a good week...
Dont trade this pair though I understand how this affects the whole market.
A 3rd trendline tap with a trend continuation could be in store for this pair, the cross point with the 78.6 retracment seems doable if we manage to break this current support where we are at.
Mondays candle (21st) was huge manipulation, today or the next few candles should decide...
Gold outlook towards the EOY, $1822 should be retested before we start blowing thorugh the $1900+ levels
The smart trade is a Buy on gold so awaiting for the pullback to come through early this week would be ideal before entering a trade.