Gold | Most Important Level

As mentioned in the video, based on the fixed range volume stemming from April 2020 to current day, the level price is now at represents the area of highest traded volume, more or less known as the point of control (POC).

This level has served as the main S/R for the past two years.
Once price is above this level, its met as support, once below..resistance.

Also noted is the harmonic M pattern that has formed, completing its course at the POC.
Like I mentioned in the video, these patterns are usually reversal patterns and once bottomed out will almost always retrace in a range of 38-61%.

Given that the current level is proven support along with the harmonic pattern - one can assume this would be a good level to ladder in small buy orders to build a position.
If price has a very strong close below the POC however, support would be invalidated and you should look for shorts - macro and fundamental analysis aside.

With the Dollar Index at a pivotal level, we can either see the decline of GOLD to levels not seen in 3 years, OR a reversal back into the uptrend and top of the 2 year range.

This is not financial advice and my bias can change given there is new information on the chart and in the news. Always expect my risk tolerance is higher than yours.

Prev. analyses linked.

코멘트:

코멘트:

Coming up on first area of significant resistance.