GOLD: An Increase In Price
Hello friends, today you can review the technical analysis on the 1D linear scale chart for Gold price per oz. There are many technical indicators and oscillators noted in the analysis, so please review everything.
#CryptoPickk noted in the chart:
1) GOLD price has been in a descending channel since August 2020 forming a potential Bull Flag Pattern.
2) The Bull Flag target is around the 1.618 Fibonacci Extension level around $2,646.
3) The prior price rise took 733 days so assume about the same, the price could reach the target by October 2023.
4) The price would be a 45% increase from the current price level.
5) The RSI (relative strength index) has been supported on the bottom trendline and has not broken it.
6) The only concern I have in sight is Hidden Bearish Divergence which may be in motion currently with some price action going down before price goes up.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk noted in the chart:
1) GOLD price has been in a descending channel since August 2020 forming a potential Bull Flag Pattern.
2) The Bull Flag target is around the 1.618 Fibonacci Extension level around $2,646.
3) The prior price rise took 733 days so assume about the same, the price could reach the target by October 2023.
4) The price would be a 45% increase from the current price level.
5) The RSI (relative strength index) has been supported on the bottom trendline and has not broken it.
6) The only concern I have in sight is Hidden Bearish Divergence which may be in motion currently with some price action going down before price goes up.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
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