GOLD\XAUUSD (Y20.P3.E3).Macro structure.Bullish
Updated
Hi All,
Its no surpise that gold has been doing well and it will continue to do well.
Question is where do you trade.
The above chart is what I'm anticipating or some sort of bull flag after a CUP formation (continuation).
OBSERVATIONS:
> At the macro level, we can see 5 BASE moves or if you want to refer to the Elliot wave so be it.
> After a big uptrend, like in Parabolic curve setup, I believe we will have another 3 or 4 Base moves to the upside, before doing a big correction.
How long that takes, and what price, why ask.
> Indicators: We can see that the Daily RSI was over extended and hence the steep pulback.
> Weekly MACD is till bullish with a bounce of the signal line however the RSI is in extended territory
> Daily Chart below explains RSI was extended and bearish divergence playing out
THOUGHTS:
Wait for the formation to come about and depending how the price goes up, either double top or falling short will give us another clue as to what is next.
I'm still going long on GOLD.
Next target, the depth of the cup which equals 2700
Please give me a like or tick for this post
Regards,
S.Sari
Working out the target
WEEKLY chart > Macro overview with what looks like a cup\continuation completed and looking for a potential pullback\consolidation as per above chart
Daily chart > demonstrating fib levels and potential formatons.
12 HRLY chart > indicators showing reason for sell off and the current bounce
Its no surpise that gold has been doing well and it will continue to do well.
Question is where do you trade.
The above chart is what I'm anticipating or some sort of bull flag after a CUP formation (continuation).
OBSERVATIONS:
> At the macro level, we can see 5 BASE moves or if you want to refer to the Elliot wave so be it.
> After a big uptrend, like in Parabolic curve setup, I believe we will have another 3 or 4 Base moves to the upside, before doing a big correction.
How long that takes, and what price, why ask.
> Indicators: We can see that the Daily RSI was over extended and hence the steep pulback.
> Weekly MACD is till bullish with a bounce of the signal line however the RSI is in extended territory
> Daily Chart below explains RSI was extended and bearish divergence playing out
THOUGHTS:
Wait for the formation to come about and depending how the price goes up, either double top or falling short will give us another clue as to what is next.
I'm still going long on GOLD.
Next target, the depth of the cup which equals 2700
Please give me a like or tick for this post
Regards,
S.Sari
Working out the target
WEEKLY chart > Macro overview with what looks like a cup\continuation completed and looking for a potential pullback\consolidation as per above chart
Daily chart > demonstrating fib levels and potential formatons.
12 HRLY chart > indicators showing reason for sell off and the current bounce
Note
Bearish Target (T) Projections:T1 = 1851, T2= 1798 and T3= 1710
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Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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