I believe Gold still has more bullish movement left, the shaded bars, (blue and grey), are fractal representations from the 2013 previous all-time high, as you can see from the chart, the yellow metal very much followed the 2013 trend, well until 18th August that is, when is began to drop 100 pips from 2011 – 1911 away from the 2013 trend. As seen from previous movements away from the trend Gold likes to get back the trend, (see pandemic reaction below).
Gold technically bounced of the 4 week 0.236 fib line at 2011 retracing 100 pips to the 0.618 line at 1911, before recovering and closing 30 pips below the 0.5 fib line at 1943, Gold resting the weekend at 1940.
On opening although there is room for more correction, I see Gold moving back to the 2013 trend, making the 2089 – 2105 zone, this again setting all-time highs, here we enter a tricky zone:
1. Could be a change of long term trend down to 1702 with speed
2. A short term retracement then new highs
3. Breaks the zone and continues to rise
4. Trump Tweets, could go anywhere
A shorter term view to follow soon
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Gold technically bounced of the 4 week 0.236 fib line at 2011 retracing 100 pips to the 0.618 line at 1911, before recovering and closing 30 pips below the 0.5 fib line at 1943, Gold resting the weekend at 1940.
On opening although there is room for more correction, I see Gold moving back to the 2013 trend, making the 2089 – 2105 zone, this again setting all-time highs, here we enter a tricky zone:
1. Could be a change of long term trend down to 1702 with speed
2. A short term retracement then new highs
3. Breaks the zone and continues to rise
4. Trump Tweets, could go anywhere
A shorter term view to follow soon
If you found this analysis helpful please Like
Any advice or assistance please message me
