Hi everyone
The price of gold, in a weekly structure, is the price rejecting the monthly trendline. We also found ourselves at an important monthly support that served as resistance 3 times in 2012.
In daily structure the price is formed in a shoulder-head-shoulder pattern. To confirm the pattern, wait for the break of the 1836 level.
An important level will be that of 1848, which will be where the price possibly meets the downtrend line formed from the ATH, at that point we will have to see how the price reacts, in the case of breaking up my analysis with objective in 1898-1918 it would be very valid and with high chances of being a correct projection.
The price rejected the 61.8% fibonacci level on a monthly basis.
The stochastic in weekly timeframe is at the level 80 approx and in daily timeframe it is near an oversold zone showing a change in trend.
The RSI in weekly structure is forming a triangular poatron with the possibility of breaking on the bullish side. In daily timeframe it is at level 50 changing its trend.
Trader Dark Eyes
The price of gold, in a weekly structure, is the price rejecting the monthly trendline. We also found ourselves at an important monthly support that served as resistance 3 times in 2012.
In daily structure the price is formed in a shoulder-head-shoulder pattern. To confirm the pattern, wait for the break of the 1836 level.
An important level will be that of 1848, which will be where the price possibly meets the downtrend line formed from the ATH, at that point we will have to see how the price reacts, in the case of breaking up my analysis with objective in 1898-1918 it would be very valid and with high chances of being a correct projection.
The price rejected the 61.8% fibonacci level on a monthly basis.
The stochastic in weekly timeframe is at the level 80 approx and in daily timeframe it is near an oversold zone showing a change in trend.
The RSI in weekly structure is forming a triangular poatron with the possibility of breaking on the bullish side. In daily timeframe it is at level 50 changing its trend.
Trader Dark Eyes