The Golden slip and slide
We will be looking at purely the technical aspect of price action on gold, understanding that there has been a shift in the volume in regard to the hype in cryptocurrencies, and the signs of a serious bull run beginning are not showing.
currently Gold is trading at at $1887. Looking at gold and where the price would be heading next,we see that has the price has not shown no sign that the bearish move ending so we need to look at key levels of support where price can find support. Curentley oil is in a counter channel to the downside and since there seems to be more down movement,levels of support that stand out fpr me is $1830 and $1800.
Why are these high potetial reversal zones? There is a ABCD pattern appeared and it could potentially complete at $1830 and $1800,according to the fibonancci extensions.in addition there are 2 five point patterns that appears on top of each otherwith the small pattern completing at $1830 and the big pattern appearing at $1800.
In conclusion.we know that Gold will be resuming the move to the upsdide because of the increase in volume that fell off the crypto hype.IIn accordance to this statement there is a lot of economic uncertsinty due to disappointing Chineses data,which failed to reach expectations.Currenlt the down movement continues and naturally we expect the the volume of investors that left cryptocurrencies to come jump on Gold,which is the traditional safe havean
currently Gold is trading at at $1887. Looking at gold and where the price would be heading next,we see that has the price has not shown no sign that the bearish move ending so we need to look at key levels of support where price can find support. Curentley oil is in a counter channel to the downside and since there seems to be more down movement,levels of support that stand out fpr me is $1830 and $1800.
Why are these high potetial reversal zones? There is a ABCD pattern appeared and it could potentially complete at $1830 and $1800,according to the fibonancci extensions.in addition there are 2 five point patterns that appears on top of each otherwith the small pattern completing at $1830 and the big pattern appearing at $1800.
In conclusion.we know that Gold will be resuming the move to the upsdide because of the increase in volume that fell off the crypto hype.IIn accordance to this statement there is a lot of economic uncertsinty due to disappointing Chineses data,which failed to reach expectations.Currenlt the down movement continues and naturally we expect the the volume of investors that left cryptocurrencies to come jump on Gold,which is the traditional safe havean
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