Gold Short Term ( daily) Chart with SPRING/SHAKEOUT/BEAR TRAP.
Support break not only in the daily but also in the next higher time frame weekly (not shown) and a largest rally in a while. Now overbought and at a price resistance but no short term weakness with bulls being in full control so far. Lets watch the battleground ($1300) at current levels to see how bears may counter act ???
If the pattern representative of the intermediate term trend (trading range) is successful of being an accumulation trading range, expectation is to potentially see a retest of the September high.
There is also a Low Pole formation from the Spring/bear trap/shake-out if a PnF chart is examined ( not shown) which has a valid but not active bullish count yet. Once activation occurs, a bullish count will be taken.
Analysis continues.
If the pattern representative of the intermediate term trend (trading range) is successful of being an accumulation trading range, expectation is to potentially see a retest of the September high.
There is also a Low Pole formation from the Spring/bear trap/shake-out if a PnF chart is examined ( not shown) which has a valid but not active bullish count yet. Once activation occurs, a bullish count will be taken.
Analysis continues.