Gold for one month long.

Gold is heading 1280 in the big ABCD Pattern. Also gold is standing up the daily cloud resistance again,also the 0.5 Fib, 1230. It's quite strong. Many expect gold fall from 1244, one of the key neckline resistance. I also thought that since the similar pattern as the one from 1220. But the resistance lines are different, the previous one(half) is much stronger. When I compare the two trend lines around 1190 and 1134, which are similar to each other, I see the new ABCD pattern. Also, the one bounced from 1180 is from the bottom of the rising channel, now the new one is from the middle line of the rising channel.

So I will say, due to the similarities, next week, gold will power through 1240 to 1250 area.
If 1240 area cannot be broken, it will drop to 1200 area.

Note

Gold looks weak. Let's see if 1228 can hold or not.

Note

If breaking up 1235, gold will head to 1250 area. If breaking down 1225, gold will head to 1200 area.

Note

Gold turns bearish. 1225 Seems to be broken down.

Order cancelled

1225 broken down, turned bearish, going to 1200.

Trade active

I see that 1220 is a strong support And it's 0.618 Fib for this wave. For last wave, it moved up at the 0.618 Fib(1180). This might be similar.

Note

It stands up 1225 again. Let's see if it breaks 1228, if so, it is very possible that gold is heading as planned. If it breaks down 1220, game over for bulls until 1200 area.

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With the hammer from Grandma, gold might go down.

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Even with this hammer, gold still looks strong. Standing above 1225 again. It would be promising to go to 1280

Note

Let's see if 1220 holds.

Note

Heading to 1280

Note

Failed to break through 1242. It will come down to 1222 for another wave up.

Note

Gold will target 1280. But before this, it might drop to 1220 area again then soar up.

Trade closed manually

Start a new chart.

mytrade1602

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