According to last week’s COT Gold report we can see that it still holds the dominance in the “long” contract sizes. If this trend continues an attempt for the 2000.000 area is possible.
A few weeks ago, we predicted that the price will reach the 1860.000 and it happened. Before that it consolidated for more than a week, when it finally broke the closed triangle structure on the 1H timeframe. Afterwards a move towards 1860.000 was certain.
Now price has made several closes above the monthly critical area and we have 2 possible scenarios:
1. Price receiving a strong push from the monthly critical area we are in right now and heading towards the psychological 2000.000 mark. A small correction is possible near the 1950.000 area. After we reach the 2000.000 mark, most likely a strong correction or a trend-reversal will take place. This scenario has good chances since the 0.618 Fibonacci level and the monthly/1H critical areas align perfectly with the possible correction/trend-reversal.
2. Price gets rejected by the monthly critical area bellow 1900.000 and falls to the next one below 1800.000.
Happy Trading!
A few weeks ago, we predicted that the price will reach the 1860.000 and it happened. Before that it consolidated for more than a week, when it finally broke the closed triangle structure on the 1H timeframe. Afterwards a move towards 1860.000 was certain.
Now price has made several closes above the monthly critical area and we have 2 possible scenarios:
1. Price receiving a strong push from the monthly critical area we are in right now and heading towards the psychological 2000.000 mark. A small correction is possible near the 1950.000 area. After we reach the 2000.000 mark, most likely a strong correction or a trend-reversal will take place. This scenario has good chances since the 0.618 Fibonacci level and the monthly/1H critical areas align perfectly with the possible correction/trend-reversal.
2. Price gets rejected by the monthly critical area bellow 1900.000 and falls to the next one below 1800.000.
Happy Trading!