Recent price action shows that gold has finally retested the broken area of support ~1800 and the top of the descending channel.
This area is also the 61% retracement and the first TP target for the harmonic pattern (shown as the current short term pattern). I will now expect a short pull back. If GOLD can keep its momentum + the U$D continues to weaken then we can break the TL and IMO start the next leg up from this bull flag.
I will move the diagrams into the Price to show a better roadmap of what Im looking for.
This area is also the 61% retracement and the first TP target for the harmonic pattern (shown as the current short term pattern). I will now expect a short pull back. If GOLD can keep its momentum + the U$D continues to weaken then we can break the TL and IMO start the next leg up from this bull flag.
I will move the diagrams into the Price to show a better roadmap of what Im looking for.
Note
Longer TermShort term
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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.