The Gold Odyssey - retracement done
AS previously described, Gold was in a deep retracement, and it appears that this week, the retracement is done.
Weekly chart shows a reversal candlestick pattern over the past three weeks, finding the week's close at a resistance level. Look for a breakout in the coming weeks, as Gold closed above the weekly 55EMA this past week.
Do note that previous mapping of the handle (Cup & Handle formation) it shifted forward; and 2080 high is expected to be broken around November 2022.
The daily chart show a higher low, and technicals are turning bullish. The retracement was nicely above 1800, and has a potential 20% upside to 2080. Possible for consolidation to near 1800-1820, and would be looking for clarity in the coming weeks.
Meanwhile, would be good for the USD to ease off a little. hehe.
Stay safe and well...
Weekly chart shows a reversal candlestick pattern over the past three weeks, finding the week's close at a resistance level. Look for a breakout in the coming weeks, as Gold closed above the weekly 55EMA this past week.
Do note that previous mapping of the handle (Cup & Handle formation) it shifted forward; and 2080 high is expected to be broken around November 2022.
The daily chart show a higher low, and technicals are turning bullish. The retracement was nicely above 1800, and has a potential 20% upside to 2080. Possible for consolidation to near 1800-1820, and would be looking for clarity in the coming weeks.
Meanwhile, would be good for the USD to ease off a little. hehe.
Stay safe and well...
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