Gold update from the previous post where I said gold may go to 1800 or even 1760.
As predicted, the bounce from 1800 was short-lived & GOLD is barely holding 1833, the 0.618 Fib level.
This time it falls, 1800 may not hold anymore. These are the 3 next impt supports:
1) 1760 is an impt pivot & also near the trendline from 2018. Breaking below the 1800 to 1760 zone may void the CUP & HANDLE move.
2) 1677 is the neck of the big M-pattern started since 2019 & is also the base of 2 bottom consolidation boxes in 2020 & 2021 which makes it a very strong support. This is a 20% drop from 2078 ATH.
3) 1450 is the MAX PAIN support at a 2006 TL. This may also be the Fib level where the big M-pattern finally completes. This is a 30% drop.
Watch the DXY dollar index very carefully as this scenario will play out only if DXY continues to go up. DXY seems to be bouncing from 100 to make new highs in line with the FED tightenning raising rates & the upcoming QE.
Not trading advice
As predicted, the bounce from 1800 was short-lived & GOLD is barely holding 1833, the 0.618 Fib level.
This time it falls, 1800 may not hold anymore. These are the 3 next impt supports:
1) 1760 is an impt pivot & also near the trendline from 2018. Breaking below the 1800 to 1760 zone may void the CUP & HANDLE move.
2) 1677 is the neck of the big M-pattern started since 2019 & is also the base of 2 bottom consolidation boxes in 2020 & 2021 which makes it a very strong support. This is a 20% drop from 2078 ATH.
3) 1450 is the MAX PAIN support at a 2006 TL. This may also be the Fib level where the big M-pattern finally completes. This is a 30% drop.
Watch the DXY dollar index very carefully as this scenario will play out only if DXY continues to go up. DXY seems to be bouncing from 100 to make new highs in line with the FED tightenning raising rates & the upcoming QE.
Not trading advice