I Love $GC!
Updated
Ever since the outbreak of the Middle East war, this gold market has been unrestrained. It appears to have returned to the order block, approximately at the 0.382 retracement, in an attempt to rally further. But does it have enough momentum?
Bull Case - Of course! As soon as we break through the order block, we should be heading towards the 2025 to 2050 mark. The key is to close above the 2008 level, which would pave the way for significant gains.
Bear Case - The 2008 level represents a resistance point, reinforcing my bearish prediction of a double top. This bullish optimism could lead to liquidation once the pattern consolidates and rebalances the candle in October. The critical point to watch is whether we break below the 1987 level.
Conclusion - The end of this consolidation phase will reveal the prevailing trend. Having averted a death cross and rebounding, it’s fascinating to consider whether the 2008 level can be sustained. If not, the bullish order block might be put to the test.
Bull Case - Of course! As soon as we break through the order block, we should be heading towards the 2025 to 2050 mark. The key is to close above the 2008 level, which would pave the way for significant gains.
Bear Case - The 2008 level represents a resistance point, reinforcing my bearish prediction of a double top. This bullish optimism could lead to liquidation once the pattern consolidates and rebalances the candle in October. The critical point to watch is whether we break below the 1987 level.
Conclusion - The end of this consolidation phase will reveal the prevailing trend. Having averted a death cross and rebounding, it’s fascinating to consider whether the 2008 level can be sustained. If not, the bullish order block might be put to the test.
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Made money on both the up and down side. If you made money with the break down please shoot me a DM!!!
Sometime you have to take a step back to make a better step forward.
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