Gold appears to have priced the bottom two weeks ago on the medium-term Channel Up on the 4H time-frame and is now ready to break upwards for a new Higher High. The confirmation signal for this rise could be the 4H Golden Cross (when the 4H MA50 (blue trend-line) crosses above the 4h MA200 (orange trend-line). This is technically a very bullish formation.
As shown on the chart, last time this pattern emerged was on October 20. It was when the price of XAUUSD was coming off a Higher Low (bottom) and the Ichimoku Cloud has just turned green again. This is the very same sequence we see today. The price is above the Ichimoku and is about to form a Golden Cross. Assuming the Higher Highs are symmetrical then the next one should be on the 1.382 Fibonacci extension as well, which is currently around 1920. Before that however, the price has to overcome the 1876 Symmetrical Resistance, which rejected the uptrend recently on November 16. That is our medium-term target.
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As shown on the chart, last time this pattern emerged was on October 20. It was when the price of XAUUSD was coming off a Higher Low (bottom) and the Ichimoku Cloud has just turned green again. This is the very same sequence we see today. The price is above the Ichimoku and is about to form a Golden Cross. Assuming the Higher Highs are symmetrical then the next one should be on the 1.382 Fibonacci extension as well, which is currently around 1920. Before that however, the price has to overcome the 1876 Symmetrical Resistance, which rejected the uptrend recently on November 16. That is our medium-term target.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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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.