1. On the gold 4h chart, we can see that it maybe forming a bear flag, we should pay attention to the resistance and support, only trade when breakout happens and prevent fake out. The bear flag target will be 1829 approximately, which is a 4% dump.
2.If we pull out the Fibonacci retracement tool, we can see that from August to now, Fib retracement levels can be key resistances or supports. On 12 October, gold got rejected at the bear flag resistance line, quite near the Fib retracement 38.2 level. So I may pay close attention to the Fib 38.2 level before it test the bear flag resistance line. If it break down the bear flag support, I will keep my eye on the previous low, also the Fib retracement 0 level 1848.
3.The purple line is SPX500, they still have some correlation. If stocks pull back, I think gold will also follow, maybe at least pull back to the bear flag target 1828.
2.If we pull out the Fibonacci retracement tool, we can see that from August to now, Fib retracement levels can be key resistances or supports. On 12 October, gold got rejected at the bear flag resistance line, quite near the Fib retracement 38.2 level. So I may pay close attention to the Fib 38.2 level before it test the bear flag resistance line. If it break down the bear flag support, I will keep my eye on the previous low, also the Fib retracement 0 level 1848.
3.The purple line is SPX500, they still have some correlation. If stocks pull back, I think gold will also follow, maybe at least pull back to the bear flag target 1828.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.