Hi guys, as you can see, the price broke the uptrend line then retraced back to, then went down, more likely will go to the destination 2600!!
Two scenarios lead to 2600 in different ways!
2600 is so important price here because the price will touch there so important uptrend line which had not been broken since 14/02/2024 and even 2600 is the 38.20% Fibonacci level on the daily frame. As you could see that all drawn Fib levels and all the uptrends line were respected by the price! and that gave me confidence that Gold would continue in respecting them for the next phase too. all is going according to the system!
Scenario 1!!
Gold will go straight to 2600 and will be pushed up from 2600 then a retrace back to settle on to form the head and Shoulders pattern, which will not be broken on its neckline and guess what price too is there!!! yes it is 2600 still... normally according to what I observed before many times, if that neckline of that pattern will not be broken to down, so a huge bullish retrace will be generated to send the gold to around 2840 or a bit higher then settle on to send the gold price even further to the upper Fib level or higher than it, up to 2995-3000
Scenario 2!! ((more likely to happen))
((Another scenario could happen too that gold would be pushed up to 2735 before reaching to 2600 to test again the uptrend line which had been broken earlier but again will have to fall down in a free fall also towards 2600!
Note!! In a daily candle would close under that uptrend line and Fib level under 2600.. so gold would go to 2531 then retrace up the trend line to retest it then would have a free fall further down.. This scenario I do not believe it is going to happen!
I hope I was able to make you realise the importance of 2600 ..this price is a most important game changer price!!
This analysis is exclusive to me only and is not an advice for buying, selling or trading and it is not more than a simple idea or thought of the most likely scenarios according to my knowledge and experience.. My content is free of charge completely for all life long and I do not sell any signals but I wanted only to help))
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Moustafa Marei
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.
Moustafa Marei
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.