A few weeks ago we had a look into Gold cycles, Intermarket forecasts, and COT. At that moment gold was flagging. As you know it usually follows this pattern very well. But it doesn’t mean always. The current breakout wasn’t qualified as we didn’t have a downclose candle prior to the breakout candle.
Moreover, in 2012 we had a similar situation and it was a false breakout. So, I want to see more price action to figure out what is happening. In case, this breakout turns to be real, the market will target 2600 in 1 – 3 years. With all that in mind, let’s have a closer look into smaller time frames.
Last week the price tested the 1856 level. It was previously a strong resistance. So, no surprise price found support there. The 4h MA200 is at 1837. Technically it should be enough to build a base and start a new wave to the upside with targets 1932 and 1960. This pattern is valid till the price holds above 1800. If this level fails, the bears could take control of this market.
Moreover, in 2012 we had a similar situation and it was a false breakout. So, I want to see more price action to figure out what is happening. In case, this breakout turns to be real, the market will target 2600 in 1 – 3 years. With all that in mind, let’s have a closer look into smaller time frames.
Last week the price tested the 1856 level. It was previously a strong resistance. So, no surprise price found support there. The 4h MA200 is at 1837. Technically it should be enough to build a base and start a new wave to the upside with targets 1932 and 1960. This pattern is valid till the price holds above 1800. If this level fails, the bears could take control of this market.
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免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。