Gold (XAUUSD) eventually delivered the expected rejection and pull-back after hitting the 0.786 Fibonacci level as we presented on our December 04 idea (see chart below):
The All Time High (ATH) candle turned out to be a fake-out, liquidating countless of late buy positions at the top as well as stop losses on sells. If we ignore that non-technical candle wick, we can see that the underlying pattern is a Channel Up on the medium-term, which last week broke below its bottom but found Support exactly on the 1D MA50 (blue trend-line).
As you see on the chart, there is uncanny symmetry between the price action since the September 20 High and the sequence from February 02 until May 16. Both resulted in a Channel Up, which on May 16 broke to the downside and extended the sell-off below the 1D MA50 and to (initially) a -7.20% decline from the Channel Up Lower High.
As a result, since the price has already brokne below the current Channel Up and seems to have been rejected on an emerging (dotted) Channel Down as in May 2023, we expect this time to break the 1D MA50 and Support 1 and extend towards Support 2. We are bearish, targeting 1930.
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The All Time High (ATH) candle turned out to be a fake-out, liquidating countless of late buy positions at the top as well as stop losses on sells. If we ignore that non-technical candle wick, we can see that the underlying pattern is a Channel Up on the medium-term, which last week broke below its bottom but found Support exactly on the 1D MA50 (blue trend-line).
As you see on the chart, there is uncanny symmetry between the price action since the September 20 High and the sequence from February 02 until May 16. Both resulted in a Channel Up, which on May 16 broke to the downside and extended the sell-off below the 1D MA50 and to (initially) a -7.20% decline from the Channel Up Lower High.
As a result, since the price has already brokne below the current Channel Up and seems to have been rejected on an emerging (dotted) Channel Down as in May 2023, we expect this time to break the 1D MA50 and Support 1 and extend towards Support 2. We are bearish, targeting 1930.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.