I see price consolidating for the past few weeks and my strategy is simple: Buy the dip at the golden ration fib level (shown here). Gold is still very bullish however corrections/consolidations can take a while before the trend resumes.
Note
Couple of scenarios and patterns forming...I see an inverted H&S as well. In any case, I'm still bullish, however there's still a couple of resistance levels.Note
The inverted H&S wasn't complete and price started to fall again, which was expected. I still stand by the "buy the dip" strategy. Note
Support at 2334... Price might not come back below that but let's see what the market does. I wouldn't consider selling...Note
Bounce at the marked area...Note
More bulls entering the market...Note
There we go...Note
I hope somebody took advantage of this when I posted...Note
Higher and higher...Note
1H bullish engulfing candle...Note
Support broken... This could open the door to lower prices...Note
The moment the identified support was broken, I knew there would be lower prices on the cards.Note
From May 22 since I first posted this idea, although I took some early entries resulting in losses, today the price is exactly at the level I anticipated it would reach.
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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.