Friday gold was close to print a key reversal on the daily chart. It was day 41 in the current daily cycle. Day 41 is quite late in gold's daily cycle as a normal cycle 41-46 days long.
We can easily find daily cycles on the gold chart where gold printed a DCL
around day 40-44...
A usual daily cycle decline lasts for 5-7 days so if I'm right gold will print its next DCL before 25.04.2024.
Though there was no key reversal it's still a reversal candle, and today the news pushed up gold price to the 38,2% Fibonacci retracement at 2371.
At the daily cycle low the 6 day RSI will reach oversold, and MACD will cross over..
Gold will probably tag the 50 SMA and back test the breakout at 2200.
We can easily find daily cycles on the gold chart where gold printed a DCL
around day 40-44...
A usual daily cycle decline lasts for 5-7 days so if I'm right gold will print its next DCL before 25.04.2024.
Though there was no key reversal it's still a reversal candle, and today the news pushed up gold price to the 38,2% Fibonacci retracement at 2371.
At the daily cycle low the 6 day RSI will reach oversold, and MACD will cross over..
Gold will probably tag the 50 SMA and back test the breakout at 2200.
Note
Red daily candle will be printed today. 50 EMA is the next stop.
Note
The flag broke down finally. Few more days into the DCL.
Note
I’m still sure the 50EMA will be tagged before the DCL and maybe we can drop
and touch the white trendline.
The DCL will be printed sometimes next week
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.