1) (Red): 3 touches on the topside, 3 touches on the bottom, only 2 of each required. targets are listed in the chart. As long as price remains in the channel, Gold is long term.
2) Reversal Divergence (Blue) (Moderate Strength): 2 reversal divergence signals, first one failed, however, the more these occur, the more likely they will succeed.
3) Hidden Divergence (Orange) (Weak Strength): Price has higher lows while is showing lower lows.
4) TD Sequential (indicator) (not shown on the chart): Printed a Red 9 on the weekly. This shows that after 9 consistent candles, a reversal is likely.
1) Ascending (Purple) (Moderate Strength): Unclean pattern as the appears to be a “Fake Out,” which means this pattern may not be accurate. However possible, and because we are tickling the topside of the , there is a probability that we could see a sudden drop to $1738 or $1680
2) Other targets have not been reached… totally fine by me.
NO TRADE ZONE for several reasons:
1) Possible sudden drop to $1680
2) Possible fake break out, ‘Fake Out’
3) Fundamentally, Vaccination likely to cause Gold price to drop, temporarily.
4) However Fundamentally, there are so many other reasons for Gold to soar, so basically, meh .
” The Big Picture”
This , , what ever you call it, is part of a bigger (potential) Pattern- . which means we are in the handle. so If this analysis is accurate, I’ll be looking at the Target, which is super exiting! So I want to see a clear breakout of the , and then a likely retouch on the topside of the channel, then a move up to the ATH , and then BOOM!
Happy, safe and profitable trading to you. I appreciate your support and feedback and criticism.