As you can see, we are currently forming a possible ending diagonal, we should stay out of gold and observe price action around the resistance zone which is also one of the strong Fibonacci levels (1795-1800).
If rejected, we will be able to short the wave E of the ending diagonal.
Otherwise, if break and close above the diagonal trend line in 4H, we should consider this as the very start of the bull run to possible all time high.
*Tagged as Long since there is still plenty room to grow to resistance zone.
If rejected, we will be able to short the wave E of the ending diagonal.
Otherwise, if break and close above the diagonal trend line in 4H, we should consider this as the very start of the bull run to possible all time high.
*Tagged as Long since there is still plenty room to grow to resistance zone.
Note
There seems to be a rejection at 1975 resistant, I will give higher possibility to a short of wave E to the lower support near 1753Trade closed: target reached
Price reached resistant zone as predicted
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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.