GOLD (Y20.P1.E2).Strong support.Expecting a bounce

Hi All,

I see this gold charts as one of the best charts in terms of formations displayed which played out for their formation targets.
Even though the markets are likely take some time to recovery as in the past, probably longer, people would have learnt from the recent past at times of extreme fear are opportunities, not going long but shorting in this volatile market.

Observations:
> MACD in the short term is bullish
> SPx500 also having a bounce\rally in the short term.
> Capitulation has taken many of the markets
> Wedge formation as per chart
> RSI bullish divergence in small time frame

Thoughts:
Even though there is a lot of fear out there in the markets, the positive part to all this is that markets are in the over sold area.
Hence looking at the formation of this micro level, we can potentially see a small rally to previous support\resistance.
I have counted the ABCDE impulse in a downward channel\widening channel with confluence at a key fib level and key support area in the past.

Macro overview

Please give me a tick or a like as an appreciation of this post.


Regards,
S.Sari.

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We got the bounce with the 10 and 200 EMA acting as resistance. MACD is turning so the next 12 to 24 hrs will give us a clue as to what it might shape as.

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successful call