Golds 4 year range ending? And if so, will it be bullish
or bearish?
Three out of five harmonic patterns were bullish, and only
two targets remain unreached of the bullish patterns,
namely:
Leg A of the first pattern (Crab) at 1391.97
Leg C of the second to last pattern (Cypher) at 1375.04
The last target that has not yet been reached is leg C of the Alt. Gartley pattern at 1046.23
Currently, it looks like gold is in the middle of forming a head and shoulders pattern, which if completed, would reach
target C of the current Gartley pattern at 1204.69.
This is a key zone going forward, because price will re-test a very significant level, namely,
the 6 and 2 year trend line cross over level. Needless to say that if price holds and reverses between 1224 and 1193, the next target(s) would be 1375.04 and
1391.97.
If price falls through 1204.69 (target C) a re-test of 1122.51 is next, and then if price continues down from
there the next target will 1046.
All in all, I believe price will turn bullish eventually as it sits above the 200SMA which runs parallel to the six year trend line. Price might even continue higher sooner if it
bounces off of the trend line formed between leg B and C of the current Gartley pattern and the TRIX
indicator remains above it's zero line, in that case, target 1375.
Happy trading
or bearish?
Three out of five harmonic patterns were bullish, and only
two targets remain unreached of the bullish patterns,
namely:
Leg A of the first pattern (Crab) at 1391.97
Leg C of the second to last pattern (Cypher) at 1375.04
The last target that has not yet been reached is leg C of the Alt. Gartley pattern at 1046.23
Currently, it looks like gold is in the middle of forming a head and shoulders pattern, which if completed, would reach
target C of the current Gartley pattern at 1204.69.
This is a key zone going forward, because price will re-test a very significant level, namely,
the 6 and 2 year trend line cross over level. Needless to say that if price holds and reverses between 1224 and 1193, the next target(s) would be 1375.04 and
1391.97.
If price falls through 1204.69 (target C) a re-test of 1122.51 is next, and then if price continues down from
there the next target will 1046.
All in all, I believe price will turn bullish eventually as it sits above the 200SMA which runs parallel to the six year trend line. Price might even continue higher sooner if it
bounces off of the trend line formed between leg B and C of the current Gartley pattern and the TRIX
indicator remains above it's zero line, in that case, target 1375.
Happy trading
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.