Gold's extremely bullish momentum this week pushed the price up from $1440 to as high as $1510 on Aug7. Gold now finds itself within a range between the $1492 - $1506 levels. This is likely a consolidation in conclusion of the week's recent run up. Here are my comments on the current 4hr chart:
1) We can see a double top at the $1506 level. As price tried to push down it failed to break through the $1492 neckline, and bounced back up
2) The price is currently stuck within this range of consolidation. I will be waiting for a break out of this range in either direction:
IF we get a 4hr bullish close above that $1506 level -- we could see a run up all the way to the $1527 zone, which served as a support for previous 2011-12
levels
IF we get a 4hr bearish close below that double top neckline -- we could see a bearish move down to the .618 daily fib zone (Drawn from Jul1 1383 - Aug7
1510) around the 1460 level.
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Now we wait. I'll be updating this idea as the price moves -- Comment below what you think!
1) We can see a double top at the $1506 level. As price tried to push down it failed to break through the $1492 neckline, and bounced back up
2) The price is currently stuck within this range of consolidation. I will be waiting for a break out of this range in either direction:
IF we get a 4hr bullish close above that $1506 level -- we could see a run up all the way to the $1527 zone, which served as a support for previous 2011-12
levels
IF we get a 4hr bearish close below that double top neckline -- we could see a bearish move down to the .618 daily fib zone (Drawn from Jul1 1383 - Aug7
1510) around the 1460 level.
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Now we wait. I'll be updating this idea as the price moves -- Comment below what you think!
Nota
4hr candle has broken out (with a close) above the box range ... now we look for a run up to the 1527 level
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.