make note that bearish divergence on weekly continues and starts breaking 2019 support fibo, meaning next fibo 1980 will be retested
bearish divergence but it reversal after making lower low so we can conclude the bearish divergence for now another big problem would be if it start breaking 2033 resistance and making a movement above 2044 which would target 2062 and 2072 in my opinion, I still see 1980 as next target but it can touch 2033 for now
I don't know if it is still bearish when hits 2043... this reversal only shows on 5min tf clearly
1. invalid if above 2062 and 2071 2. I will make lower TF analysis later and all rules based on fibo for it with 1934-1947 as the next fibo target 3. it will be annoying PA because I draw triangle and triangle just a 50:50 pattern 4. since it 50:50 I need to make scenario if gold go lower than 1934 too UPDATE IT'S NOT VALID YET, REMEMBER MUST BE UNDER...
add stochastic 4h, must bottomed first to see reversal signal or not but I already make alot of bearish chart, I will repost it here later
It's funny how the price keeps selling 2029 then after spiking to 2018 it changes to keep buying 2029 there is a signal to 2041 with 2031 as strong support (it won't retest 2029 if bullish) the problem near 2041 there is a magnet zone 2048, gold keep toying with that area previously, so either see 4h as bullish signal, or bear wait daily candle close under 2029
there no doubt when gold hit 2150$ it makes ATH and eye on 2160-2170 and 2250 area the problem is that it dropped under 2033 and did not retest 2071 which is not a bullish signal it rarely happen and so I suspect this will become very annoying bearish fibo extension bearish fibo extension = an annoying very rare retrace down exceed the normal retrace range
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...