Gold road-map to towards the end of this year 2020.
Updated
Bonjour/ Hello everybody,
In most of my previous analysis, I have been often bullish in Gold ( as well as equity markets). For this publish, I will keep my same probability, 70% ( even 80%) for bullish trend and 30% for bearish one towards the end of this year. The odds that we might also trade in the range between the ATH 2078$ - 1850$ ( the recent swing high and swing low) is also considerably high.
Since it depends on your own viewpoints, analysis and risk management. This publish is not the Trading signals and the past results can not guarantee for any future prospects.
The trading range in which I expect that could likely happen from here to the end of Oct 2020: Support vs Resistance 1907 vs 1988 (extreme case S/R: 1890/2000).
Thus, below 1890 or even 1875 I will consider to change my roadmap ( from Bull to Bear towards the next Bearish Fibs target in the downside zone), cuz it will trade outside my Pitchfork channel in which I drew in 25 Aug 2020.
Swing Long:
S2: 1906-1909
S1: 1920-1923
Pivotal areas: 1925-1933
R1: 1936 -1938
R2: 1956-1960 (eventually higher depending on DXY depreciation towards 88.x)
Swing Short: please consider the above levels and Fibs in my charts to see the Fibs confluence levels to short or scalp short.
Pay attention to your RSI, it has been pulled back towards to upside, however there would be one more '' leg down'' retracement in my viewpoint before the rally continuation ( in which it will match with my DXY published road-map) and price actions now are too far from my EMA 25 and EMA 200. That is why I would consider that we are in the FOMO overbought or no-man land, price will move up or down very quickly in both directions due to some news or ''Tweet of Big Players''. The next rally continuation would be at RSI from above level at 50 to 80 or even 90 overbought.
Thanks for your constructive comments or further discussion.
P/S: This publish is purely consistent with my first publication about Gold in 25 Aug and the DXY roadmap. For me, the previous bearish weeks/ days = price actions to fill the wicks of the candle from 1909 to 1850. Now gap down or wicks (down) is filled, so Why Not? Time to turn our page to the new Chapter :)
In most of my previous analysis, I have been often bullish in Gold ( as well as equity markets). For this publish, I will keep my same probability, 70% ( even 80%) for bullish trend and 30% for bearish one towards the end of this year. The odds that we might also trade in the range between the ATH 2078$ - 1850$ ( the recent swing high and swing low) is also considerably high.
Since it depends on your own viewpoints, analysis and risk management. This publish is not the Trading signals and the past results can not guarantee for any future prospects.
The trading range in which I expect that could likely happen from here to the end of Oct 2020: Support vs Resistance 1907 vs 1988 (extreme case S/R: 1890/2000).
Thus, below 1890 or even 1875 I will consider to change my roadmap ( from Bull to Bear towards the next Bearish Fibs target in the downside zone), cuz it will trade outside my Pitchfork channel in which I drew in 25 Aug 2020.
Swing Long:
S2: 1906-1909
S1: 1920-1923
Pivotal areas: 1925-1933
R1: 1936 -1938
R2: 1956-1960 (eventually higher depending on DXY depreciation towards 88.x)
Swing Short: please consider the above levels and Fibs in my charts to see the Fibs confluence levels to short or scalp short.
Pay attention to your RSI, it has been pulled back towards to upside, however there would be one more '' leg down'' retracement in my viewpoint before the rally continuation ( in which it will match with my DXY published road-map) and price actions now are too far from my EMA 25 and EMA 200. That is why I would consider that we are in the FOMO overbought or no-man land, price will move up or down very quickly in both directions due to some news or ''Tweet of Big Players''. The next rally continuation would be at RSI from above level at 50 to 80 or even 90 overbought.
Thanks for your constructive comments or further discussion.
P/S: This publish is purely consistent with my first publication about Gold in 25 Aug and the DXY roadmap. For me, the previous bearish weeks/ days = price actions to fill the wicks of the candle from 1909 to 1850. Now gap down or wicks (down) is filled, so Why Not? Time to turn our page to the new Chapter :)
Comment
On Tuesday 13 Oct, Gold '' leg down'' is expected in the above comment, hopefully that DXY will completely fail to break out its resistance ( 93.6 - 94). This leg down in Gold and Silver did bring us to a lower price and pinpointing at Fibs confluence area of support to buy for a nice Long Swing trade. On Wed 14 Oct, S2 = 1906 1909, support did break down yesterday thus it will normally become the first weak resistance R1.
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