Gold: Set to Test 1580 Soon
I will refrain from repeating what I said somewhat recently regarding my last idea, but this will simply be a quick update (idea attached below for reading).
The overall trend remains the same with a sharp fallen and descending wedge from January 8th. This pattern represents one of the most bullish trends in the entire stock market - no matter what the stock or asset is. However, the key is, it doesn't equate to immediate bullish sentiment, but rather it can take 1-3 weeks as I said in my last idea.
Currently, we are in sideways consolidation with a slight upside bias which will form an eventual cup to pre-breakout, targeting 1580. From that level I see very slight downside with more consolidation and an eventual break-out to 1630 then 1700.
For time-frames we could be expecting 1610 sometime within the next 2-3 weeks, while 1700 is likely about 1.5-2 months away.
REMEMBER: I focus on slightly longer durations in time. There will ALWAYS be short opportunities for anyone that scalps or day-trades off minute or hourly intervals.
- zSplit
The overall trend remains the same with a sharp fallen and descending wedge from January 8th. This pattern represents one of the most bullish trends in the entire stock market - no matter what the stock or asset is. However, the key is, it doesn't equate to immediate bullish sentiment, but rather it can take 1-3 weeks as I said in my last idea.
Currently, we are in sideways consolidation with a slight upside bias which will form an eventual cup to pre-breakout, targeting 1580. From that level I see very slight downside with more consolidation and an eventual break-out to 1630 then 1700.
For time-frames we could be expecting 1610 sometime within the next 2-3 weeks, while 1700 is likely about 1.5-2 months away.
REMEMBER: I focus on slightly longer durations in time. There will ALWAYS be short opportunities for anyone that scalps or day-trades off minute or hourly intervals.
- zSplit
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