Gold FuturesShort
Gold back to square one?
Updated
It's about time for a pullback on gold. But was this it, or is there more?
In the recent advances in gold and silver, I've found the 4H or 2H chart to be the most informative.
Likely areas for a reversal are these two old support zones in green.
The first one is confluence with the 200 (on the 4H chart) EMA/SMA and a healthy 0.618 retrace, at least the way I measure it.
The second one is confluence with the Point of Control (POC), the heaviest volume in this range.
I expect the drop will cool down a bit first here, by the 0.5 retrace and the 21D EMA, and then have some reaction at the first zone but ultimately make its way to the second. Max pain, max disillusionment, max opportunity.
In the recent advances in gold and silver, I've found the 4H or 2H chart to be the most informative.
Likely areas for a reversal are these two old support zones in green.
The first one is confluence with the 200 (on the 4H chart) EMA/SMA and a healthy 0.618 retrace, at least the way I measure it.
The second one is confluence with the Point of Control (POC), the heaviest volume in this range.
I expect the drop will cool down a bit first here, by the 0.5 retrace and the 21D EMA, and then have some reaction at the first zone but ultimately make its way to the second. Max pain, max disillusionment, max opportunity.
Note
"...some reaction at the first zone"There you go:
I'm holding out for the second zone.
Note
I see no-one likes this idea lolBut I like the idea of buying the almighty pullback before the historical bull market.
So let's have an update even if I'm talking to myself.
The classical ABC correction with a 1.0 third leg - guess what - coincides with zone I drew in the beginning.
More likely than ever that we go there.
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