We have discovered an interesting pattern that may explain a lot regarding Gold's current price action. Gold's current rise may be the final bullish leg towards testing the 1,800 All Time High based on the early 2000s rise.
As you see on the chart today's fractal (2014 - 2020) is quite similar to the one of 1997 - 2003. The chart in use is the 1W. At the moment the price has made a strong rebound just above the 0.500 Fibonacci retracement level (green line) same to what it did in roughly around July 2003. Both fractals have identical:
* Bear phases (1150 days today as opposed to 1250 in early 2000s)
* Recovery phases up to where we are today (1455 against 1470)
In early 2000s the price made a full 100% Fibonacci retrace 189 days after the last bounce near the 0.5 Fibonacci level. If roughly the same time principle is applied then we may see Gold make the full Fibonacci retracement and test $1,800 by late May of this year (2020).
This comparison on long term values doesn't change our short term view, which is the following Channel Up:
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
As you see on the chart today's fractal (2014 - 2020) is quite similar to the one of 1997 - 2003. The chart in use is the 1W. At the moment the price has made a strong rebound just above the 0.500 Fibonacci retracement level (green line) same to what it did in roughly around July 2003. Both fractals have identical:
* Bear phases (1150 days today as opposed to 1250 in early 2000s)
* Recovery phases up to where we are today (1455 against 1470)
In early 2000s the price made a full 100% Fibonacci retrace 189 days after the last bounce near the 0.5 Fibonacci level. If roughly the same time principle is applied then we may see Gold make the full Fibonacci retracement and test $1,800 by late May of this year (2020).
This comparison on long term values doesn't change our short term view, which is the following Channel Up:
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
Telegram: t.me/investingscope
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.