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Gold Prospect

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I am bullish biased on Gold for this year, expecting to see it reach 2400 until 2nd November. I developed this project with only one question in mind considering the context perspective: where would could or should occur potential entry setups and signals for long entries. I have ~picassoed~ some potential support/resistance elements taking into consideration several scenarios with bigger swings, wider corrections, or sharp retracements. Also, scenarios of prolonged stagnation and boredom in the market sentiment and volatility.

We start the project with an interesting "mini hammer" candle after a stagnation and consolidation period which shouldn't be ideal for retracement hunters after such a big and powerful impulse wave, where a potential correction formation could last even 2 or 3 months (tens of daily candles), nevertheless I decided that this setup is interesting enough to publish the elements which were designed some days ago in proportion of 80%, the rest of the elements have been added just now.

The main approach is simple. We wait for candlestick patterns and setups at any of the elements in the project, we analyze their potential relevance and potency while also having a special eye for all types of price actions at the shapes in the snapshot, searching for clues of synchronicity and harmony that might imply that the initial design of the math behind the "Prospect" could be more than just random drawings splash.

In this project the Holiness of the Japanese Candlesticks could or should be of higher significance as Gold seems to have entered a special algorithmic type of flow after the previous surge in demand. Will post updates comments and ideas, hopefully right at the fact and not several days after the special event.

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We have liftoff. This could go to 2200 or 2220.

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2222 was reached and it almost touched the red rectangle. Let's see if there is any support indicative signals at the other red rectangle if we reach that area in time...

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Powerful drive and momentum on this one. Will there ever be another correction before it reaches 2400? I don't know. Next milestone is the time stamp. Let's see where the price ends up on that date.

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2400 was reached faster than expected with the help of the tensions in the Middle East which seemed to have stabilized for now. If this was a reversal near the time stamp, I am curious to see where this potential (not confirmed yet) bearish wave ENDS. The whole global geopolitics situation might stabilize for now which means demand for gold might dim in the coming months if no big events surprise us again, but I wouldn't switch to a complete bearish bias yet. This one can still swing up and down a bit in both types of scenarios increased or dimmed volatility.

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Some say gold will reach 3000 because we are already in ww3. I am not convinced. I was hoping for it to reach the blue dot and maybe there decide for a comeback on the up, but it seems the buying appetite is back in this market if the day manages to close as bullish as it stands right now. Could be the start of a bigger wave here. US treasuries are also aggressively up today which could mean something...

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A very nice rebound from the green arc and this project is almost complete. Don't know if there is a chance for a drop towards the red, although I would like to see it provide more buying opportunities after retracements. The case for a bullish gold in the current world geopolitics climate is still decent if not quite solid, and many entities could still be hoarding the stuff just in case, or maybe they already know that the case is there and it will unfold sooner or later. It might take a long time until tensions drop and never come back...

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slim chances to ever retreat to the red zone now. I haven't bought gold after the consolidation in the red arrow area and I might regret it in case this goes for 3000-3200 because of wars.