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Commoditysignals

XAUUSD They symmetrical harmony of Fibonacci levelsIn my most recent Gold idea I introduced the importance of the Fibonacci retracement levels as targets following the August 08 flash crash of the Nonfarm Payrolls: As you see since then, the Fibs have acted very well as Resistance levels which on the following pull-backs acted as Supports. As the 0.786 Fib is currently holding, the only gap left to be filled is the 1.0 Fib at 1832. It is however the most difficult Fib target to fill as there are two very important barriers: first the 1D MA200 (orange trend-line on the right top chart) at 1,810.30 and the 1W MA50 (blue trend-line on the right bottom chart) at 1,825.93, which is holding since June 16. A positive sign though is the fact that yesterday XAUUSD posted the first 1D candle closing above the 1D MA50 since June 15. Long-term view: ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> nevada999 --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSDLong
by TradingShot
2
XAUUSD Bullish divergence and Inverse H&S lead to break-outThis is a short-term update to my recent long-term idea: As you see on the left chart, Gold broke above the Channel Down and the early signal to this break-out was the 4H RSI which was you see was on a Bullish Divergence as while the price was in a Channel Down, the RSI was in a Channel Up. So far the Fibonacci retracement levels from the August 04 Top to the August 08 bottom play an important role as the 0.5 and 0.382 have so far acted as Resistance levels, while the 0.236 Fib as a Support. Naturally if the 0.5 Fib level break, the next Resistance could be seen on the 0.618 retracement level, where the 4H MA50 (blue trend-line) is headed to. On the right chart (which is on the 1H time-frame) we see the other short-term pattern that caused XAUUSD to find Support. As you see it is on an Inverse Head and Shoulders (IH&S) which is a pattern typically seen on bullish reversals. The Resistance is at 1,752.60, which is exactly where the 1H MA200 (green trend-line) is. If it breaks, then the short-term price action gains a Support level on the 1H MA50 (blue trend-line) and technically sets eyes on the 1H MA200 (orange trend-line) ehich is currently at 1783 but at the time of a potential contact may be closer to 1775, i.e. roughly where the 0.618 Fibonacci retracement level (that we talked about above) is. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> nevada999 --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSDLong
by TradingShot
1
WTI OIL Double bottom at $65?WTI Oil has been trading within a Channel Up on the 1D time-frame since March. Despite the relative weakness we saw in July and so far in August, yesterday the price held on the 65.00 level , which if it holds will be a Double Bottom event. This is not a formation that WTI Crude Oil is unfamiliar with, as on April 05 it made the very same Double Bottom while being on a corrective wave under the pressure of Lower Highs. Once those broke, the price went on to post Higher Highs within the 1.618 - 1.786 Fibonacci extensions. With the RSI on a Higher Lows much like in April, we expect to see new Highs once the Lower Highs trend-line breaks. Until then you may target the 1D MA50 (blue trend-line). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> nevada999
TVC:USOILLong
by TradingShot
8
XAGUSD Multi-decade Cup & Handle?Silver pulled back on Friday and today along with most major commodities due to the USD showing strength on the incredible Nonfarm Payrolls numbers. All this short-term price action though can be viewed as nothing but noise on one pattern that has been developing since 1980 and may be close to completion. I am using the very rare in financial analysis yearly time-frame where each candle represents 1 year. As you see since 1980, XAG has been forming a giant Cup & Handle (C&H) pattern. This formation tends to break aggressively to the upside once completed. Two elements play a key role here: * The 31.000 level and * The 1Y MA50 (blue trend-line). As you see during the formation of this pattern, Silver may have made its All Time High (and Double Top assuming 1980 was very close) at $50 but it is the $31 level that plays a critical part on a yearly basis as Silver has never closed a year above it even though it broke it four times. At the same time during the formation of the C&H, the price never closed below the 1Y MA50 (blue trend-line) and only had marginal wick breaks (6 times), which makes this the strongest Support. What makes the case of this pattern even stronger is that last year also almost bounced off the 1Y MA50. Investors should therefore keep an eye on the 31.000 level. If we manage to close this year (or any as a matter of fact) above it, then it will be a major first bullish sign that the Cup and Handle is close to being completed and that new ATH will follow. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> pablito1986z --------------------------------------------------------------------------------------------------------
FX_IDC:XAGUSD
by TradingShot
5
XAUUSD is approaching the 2018 bullish trend-line.The Nonfarm Payrolls (much) better than expected numbers delivered a major blow to Gold last Friday, which was extended today into one of the most violent daily sessions of the past 2 years (along with August 12 2020 and March 16 2020), that reached the March 2021 lows, which currently acts as the Support Zone. In fact the 1675.50 - 1670 Support Zone has been holding since April 2020, right after Gold recovered from the March 2020 COVID melt-down. The key point of today's post though is the fact that the price is now closer than ever to the August 2018 bullish (Higher Lows) trend-line that started Gold's hyper bull trend. If the Support Zone holds, then it will be a Triple Bottom and one can't help but to see similarities with the March 2020 one. Also the 1D RSI just broke the 30.000 level which is where a Buy Signal emerges even in this 12 month down-trend. During the hyper uptrend, the Fibonacci extension played a major role in defining Higher Highs but so do during this 12 month correction. On top of that we see a clear Lower Highs zone (dashed lines). Assuming its a Triple Bottom, then a test of that Lower Highs zone is the most realistic case for buyers until broken. If the Support Zone breaks, investors should start realizing that despite the inflationary pressures, Gold may be entering a new multi-year Bear Cycle. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> pablito1986z --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSD
by TradingShot
5
XAGUSD approaching the 9 month SupportSilver has been printing Lower Lows since the May 18 High and is now close to the 23.750 Support, which has been holding since December 15, 2020. If the 1D MA50 Death Cross is avoided (may have a March 2020 effect if it doesn't), then we can expect the Support to hold and rebound back to the Lower Highs trend-line. In that case, the target is 26.700 (just below the 0.618 Fibonacci retracement level). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> sikret --------------------------------------------------------------------------------------------------------
FX_IDC:XAGUSDLong
by TradingShot
2
GOLD is it close to entering a new 6 year Bear Cycle?Gold has been quite bearish lately as it failed to continue its May momentum and recover with a Higher High. In fact since the June dip, it failed to break the 1W MA50 (blue trend-line) on three separate weekly attempts. This weakness heavily draws comparisons with the previous blow-off top and subsequent consolidation from August 2011 to April 2013, before it eventually led into a 6 year Bear Cycle. As you see on the chart, the two fractals (Fractal A = 2011-2013 and Fractal B = 2020-date) are quite identical. The key parameters on both are the 1W MA50 (blue trend-line), the 1W MA100 (green trend-line) and the 1W MA250 (red dotted trend-line). Fractal A took 75 weeks before the price broke and closed below the 1W MA100, which until then it has been the long-term Support. The 1W MA50/100 Bearish Cross was formed just outside this 75 week sequence and only a few weeks after it led to a test of the 1W MA250. Fractal B has so far the 1W MA100 in Support but for the first time the 1W MA50 is turning lower so aggressively. I have applied the time Fib Zones on the 75 week model and as you see that is fairly symmetrical to the August 2012 period of Fractal A when the 1W MA50 started to roll lower just after the 0.618 time Fib. On Fractal B it appears we are on the same spot. What happened after the roll on Fractal A was one last rally above the 0.618 Fibonacci retracement level (vertical) and then the slow but steady decline that broke below the 1W MA100. Does that mean that Gold has currently one last rally to give? We can't be sure as the May 2021 High almost hit the 0.618 Fib retracement level and was rejected, which could be the equivalent of Fractal A's 3rd fake-out break of the 0.618. What do you think of this Cyclical comparison? Is this a possibility for you? ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> sikret --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSD
by TradingShot
12
WTI OIL Golden Cross 1W. One last top before major correction?Last week the Golden Cross (when the MA50 crosses over the MA200) on the 1W time-frame for WTI Oil went unnoticed. Last time we had a 1W Golden Cross was way back in April 2018. This raises an interesting fractal comparison. As you see the price action when the Golden Cross happens is within a Channel Up both now then in 2018. Interestingly enough, when the Channel Up pattern started on both occasions, the RSI started printing Lower Highs, meaning it was on a Bearish Divergence. In 2018 that ultimately led to a blow-off top. Both sequences hit the $77.00 as their Highs. Does that fractal comparison indicate that WTI has one last dead-cat bounce to make before a major correction? What do you think? ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> sikret --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
4
XAUUSD Sideways until one of those lines breaksPattern: Rectangle on 4H. Signal: Scalping as long as the Resistance and Support zones break. (A) Buy if the Resistance breaks, (B) Sell if the Support breaks. Target: (A) 1870 (just below the 2.0 Fibonacci extension), (B) 1760 (just above the 1750 1D Support). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> sikret --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSD
by TradingShot
3
WTI OIL needs to break this Lower Highs trend-linePattern: Channel Up on 1D. Signal: Buy if the Lower Highs trend-line breaks or if the MACD forms a Bullish Cross. Target: 80.00 (below the 1.5 Fibonacci extension). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> CryptoCreatin --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
5
XAUUSD Head and Shoulders on 4H Trading PlanPattern: Head and Shoulders on 4H. Signal: (A) Bullish if the Lower Highs trend-line breaks, (B) Bearish if the Support Zone breaks. Target: (A) The Higher Highs trend-line, (B) The Lower Support. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> CryptoCreatin --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSD
by TradingShot
2
XAUUSD Close to a 4H Golden CrossGold is close to forming a Golden Cross on the 4H time-frame. That is when the 4H MA50 (blue trend-line) crosses above the 4H MA200 (orange trend-line) and the long-term trend turns bullish. In the last two 4H Golden Cross formations, the price rose to the 2.0 Fibonacci extension level after the Cross was made as you see on the chart. It is also interesting to add that at the time of the Golden Cross, the 1D RSI has been roughly at the same level (around 50.000). If the 4H Golden Cross is formed now at around 1815.50, then the 2.0 Fib Target will be at 1880. Is this fractal consistent enough to trade in your opinion? P.S. Bonus Material/ Gold on perfect symmetry: ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> hanicrypto
FOREXCOM:XAUUSDLong
by TradingShot
7
XPTUSD About to confirm a bullish break-out.Pattern: Bullish Megaphone on 1D. Signal: Buy as the RSI broke above its Lower Highs trend-line. For a stronger confirmation you may wait for either a break above the 1D MA50 (blue trend-line) or the Lower Highs trend-line of the price since the February 16 High. Target: Either the 5.0 or 6.0 Fibonacci extension. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Ether2020 --------------------------------------------------------------------------------------------------------
FX_IDC:XPTUSDLong
by TradingShot
3
XAUUSD Important test of the 4H MA50.Gold broke above the 1800 barrier which also was the 0.5 Fibonacci retracement level and as you see an important symmetrical pressure level. Those pressure levels (marked by the blue zones), are on some occasions exactly on the Fibonacci trend-lines. At the moment, Gold is testing the 4H MA50 (blue trend-line) as Support for the first time since June 11. Since the whole pattern appears to be fairly symmetrical itself (see how the 1760 symmetrical Support cluster held both during April and during June), we can argue that if the 4H MA50 holds, it will provide a strong uptrend, similar to the May 13 hold. Right now though there is a strong Resistance Zone which consists of the 4H MA200 (orange trend-line, which wasn't there back in May) and the 1W MA50 (bold red line), which provided Resistance back in May. It may be best to be conservative with buying now (as long as the 4H MA50 holds) and aim on the short-term levels of 1840. Continuation buying can be made once the Lower Highs trend-line (black dashed line) breaks. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> ridethepig --------------------------------------------------------------------------------------------------------
FOREXCOM:XAUUSDLong
by TradingShot
1
WTI OIL Getting closer to a buyPattern: Channel Up on 1D. Signal: Buy when contact is made with the 1D MA50 (blue trend-line) or the RSI enters the long-term buy zone. Target: 79.50 (top of the Channel). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> ridethepig --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
6
GOLD Buy SignalPattern: Head and Shoulders on 1D. Signal: Buy as the price broke above the 1D MA100 for the first time since June 17 and is attempting a break above the pattern's neckline after a 1D Golden Cross has been formed last week. Also the 1D RSI is rebounding off its multi-month Support Zone. The formation seems to be the inverse of the Inverted H&S of November - December 2020, which after a Death Cross, made a new Low. Target: 1855 (just below the Lower Highs trend-line, also 0.236 Fibonacci retracement level). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Pablito1986z --------------------------------------------------------------------------------------------------------
OANDA:XAUUSDLong
by TradingShot
4
NATURAL GAS approaching the ultimate long-term sell levelI've first published this chart 2 years ago on Natural Gas' 2 year cycles within a +10 years Channel Down. As you see this pattern is holding up to this day and in fact following the aggressive rise of this year (and of Q2 in particular), it becomes more relevant than ever. The time-frame is on the weekly (1W) of course to grasp as much of the long-term price action as possible and right now is has just formed a Golden Cross (when the 1W MA50 (blue trend-line) crosses above the 1W MA200 (orange trend-line)). This is technically a bullish formation as it shifts momentum from bearish to bullish long-term. However within this 10 year+ Channel Down, Golden Crosses have been formed closer to peaks than bottoms. It is therefore no coincidence that the price has already entered the Sell Zone of the Channel Down and is currently approaching its Lower Highs trend-line. I've applied also the Sinewave indicator and it seems very consistent with NG's cyclical behavior within this Channel Down. Even though this Cycle's Top (Lower High on the Channel Down) can be priced anytime within 2022, the price level won't be much higher than the current. Long-term traders and investors should take this opportunity to sell and comfortably wait for (much) lower prices in 2024 before buying again. Such consistent long-term patterns don't come around that often. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> chrissmith98 --------------------------------------------------------------------------------------------------------
OANDA:NATGASUSDShort
by TradingShot
3
WTI OIL Channel Up rejection shows strong pull-back nextPattern: Channel Up on 1D. Signal: Sell as the price got rejected on the Higher Highs trend-line of the Channel Up. This will be confirmed once the 1D MACD makes a Bearish Cross. Target: The 4H MA200 initially (red trend-line) and the 1D MA50 (blue trend-line) in extension where yuo can shift to a buy. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> fract --------------------------------------------------------------------------------------------------------
NYMEX:CLQ2021Short
by TradingShot
1
PALLADIUM Excellent long-term buy opportunityPattern: Channel Up on 1D. Signal: Buy as the price is rebounding after hitting the 1D MA200 (orange trend-line) and the 1 year RSI Support. You can wait for the MACD Bullish Cross to confirm that. Target: 2950 (top/ Higher High of the Channel Up) and 3300 in extension (1.5 Fibonacci extension as with previous Highs). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> StockSwinger --------------------------------------------------------------------------------------------------------
FX_IDC:XPDUSDLong
by TradingShot
3
XAUUSD Will a Golden Cross on 1D emerge?Gold is very close to form a Golden Cross on the 1D time-frame, which is when the MA50 (blue trend-line) crosses above the MA200 (orange trend-line). That is normally a bullish pattern. The opposite is the Death Cross (bearish) and was last seen on February 16. After it emerged, a short bounce took place but just a few days later the price collapsed to a new Low (12 month Low). Can the Golden Cross provide a proportionate result, i.e. short-term selling followed by a new High. There are surely a lot of Resistances involved (see the Fibonacci retracement levels and the Lower Highs) but at the same time, the RSI is within a 3 year Support Zone, while the current pattern looks like a H&S while the opposite in November - January like a Inverse H&S. What do you think lies ahead for XAUUSD? ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> StockSwinger --------------------------------------------------------------------------------------------------------
OANDA:XAUUSD
by TradingShot
3
GOLD down almost 8% from the top. Will the 0.618 Fib hold?The Gold market didn't take the Fed news lightly as the announcement of two rate hikes by the end of 2023 wasn't exactly ideal for Gold, which is used as an inflation hedge. Technically the -8% fall has so far stopped on the 0.618 Fibonacci retracement level (1768). Its attempt to rebound though today faced considerable Resistance on the 0.5 Fib (1797)and got rejected. A similar sequence was last seen in mid April - early May when Gold was consolidating within the 0.5 - 0.618 Fibonacci range before breaking higher, making this a High Volatility Zone. Can this pattern replicated? What's important though is that a daily candle closing above the 0.5 Fib should be a bullish break-out signal towards the 0.236 Fib and the Lower Highs trend-line, while a close below the 0.618 Fib, a call for further weakness towards the 0.786 Fib where it may make contact with the 1W MA100 (red trend-line). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> mused_Aurorah --------------------------------------------------------------------------------------------------------
OANDA:XAUUSD
by TradingShot
3
WTI OIL overbought stillPattern: Channel Up on 1D. Signal: Buy once the price breaks below the 1D MA50 again (blue trend-line). Target: 76.00 (closer to the top of the inner Channel). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> mused_Aurorah --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
1
XAUUSD will form a 1D Golden Cross after the Fed. What's next?Gold investors are looking forward to 2 key developments this week: The (fundamental) Fed Interest Rate Decision on Wednesday and the (technical) Golden Cross on the 1D time-frame, which may either be formed on Friday or by next Tuesday. With the latest news from the Fed's side pointing to no change in their economic outlook over inflation, maintaining their intention of keeping the rates low, this continues to build a strong case for Gold as a counter-inflation investment. The Golden Cross on the other hand is a technical formation that happens when the MA50 (blue trend-line) crosses above the MA200 (orange trend-line), shifting the sentiment from long-term bearish to long-term bullish. The last Death Cross (the opposite of the Golden Cross) on the 1D time-frame was formed on February 15 and it marked the top at the time as after a short rebound, Gold plunged -8%. As you see, I'm approaching the long-term price action since the August Market Top (All Time High) as a symmetrical sequence. Even though the uptrend of the past 2.5 months isn't a copy-past of the August 06, 2020- March 08, 2021 down trend (how could it after all), the two are fairly similar in the sense that they seem to be respecting several Support and Resistance levels within their respective Channels. At the moment, the price found the 1D MA200 (orange trend-line) as well as the longer-term 1W MA50 (red dotted line). On November 30, 2020, such a pull-back near the 1W MA50, reversed and delivered a strong +11% rebound. On top of that, yesterday's low was on the Symmetrical Support (1), which is a Zone that since September 23, 2020 has held on a few occasions. The chances of a rebound here are strong. However, if the Golden Cross fails to contain the price next week, there is a probability for one final leg downwards to the Symmetrical Support (2). That seems less likely though to happen as since the June 01 High was slightly below the 0.618 Fibonacci (counting from the August Top), the 0.382 Fibonacci seems like the most likely Support level. In any case if an investor scales their buys correctly on those two zones, the long-term return appears to be excellent as by the end of the year based on this pattern, Gold should make new ATH. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> AngusMcK --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSD
by TradingShot
5