FOLLOW ON FROM MY PREVIOUS IDEA/CHART- Gold will it top or flop?
This is a follow on from my previous chart/ idea, as you can see there is a triple top on the 1hr chart as well as the 1month. This to me indicates a strong potential for a reversal from the bullish trend that we have been seeing since the 1886's. It may just be a retrace and go till 1960 and then come on strong to go for the liquidity at in the 2000s as stated on the chart, and also to correct the imbalance that was left at 2042 before when gold visited the 2000s. Either case gold has the potential to go to 2070-2075 and even higher. But in my opinion bearing in mind the high RSI also there needs to be a retrace and as the 61.8 fib falls where there is an imbalance on the chart there is a strong possibility there could be a retrace to that point at 1960/61 before gold gives it another push and goes to the 2000s. If it retraces to the 50.0 fib point then we are looking at 1950, where it would collect liquidation at 1955 and then make a rebound back to claim all time highs. Again any comments or views would be greatly appreciated. Please do check out my previous idea to get a grasp of this one :)
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