As we remember from the beginning of this week, the price came to the support level of 1675.91 pushed off and began a new growth. Then it continued to grow. And in a tight one approached the strong resistance zone 1734.59.
This price movement comes after it fell in February this year and broke through the strong 1740.57 level. To which I returned in March - and stood within it for two weeks.
So now I expect the price to rise to the 1734.59 zone and then reverse from it into the fall. Since the resistance level and the trend line from August 2020 intersect in this zone. And from this zone, the price will reverse and fall. So my final target is support level 1675.91.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
If you noticed, gold did not react to the recent DXY spike, this move low calibrates that now, with the banks testing for more sellers at 1675 before flipping price, the S&P is overextended and flagging a possible crash at 4559.90, Gold has not consolidated its highs & only reacted with a big monthly bar impulse tail at 1960, if price breaks 1794 that will be the leg to 1950 and 2040. A break below the current structure will send gold hurtling to the lows 1500/1550 and would require heavy rejection at 1760 (Triple) towards a 3rd leg to 1675 which now looks unlikely given how strong this move away from 1675 was. I would say of anything 1675 is the buy zone, but the Daily really has formed a picture-perfect inverted HNS Head for now... In turn, this would form a HNS Head on the Weekly if it reaches 2040 and a 10 Year Cycle reversal with the price falling like a knife into the 1500 area.
Ygideon
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good idea, any sign of price weakening will be a sell signal target 1675, but a daily close above 1743 will invalidate that
@Lingrid one question Ma'am, how are you able to manage emotions and come up with world class analysis.. any advice on how to stay detached from the market?? I find myself cutting profits early because of fear of loosing.. on wed I opened gold position at 1679, was intending to hold the position untill it hit 1730 which it did yesterday but I couldn't.. closed at 1711
smmirkazemi
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I have been following your analysis for some time and using them in my trades which have had very good results for me. I can only say one thing: I believe in you, Master
RJiin
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Will it go down to rest 1710-1715 then only go bac up 1735-1740 then only come down?
Lingrid
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@RJiin, I adhere to the opinion that I have now depicted on ideas)
target is support level 1675.91
RJiin
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@Lingrid do u know why the price is different in oanda and fxcm ? Actually what is the current price 1735 or 1729?