Gold Long term Wyckoff Re-Accumulation.
Gold is currently inside a daily/4h bear channel correction to lower 1800 weekly/monthly demand levels.
Overall trend for gold is still bullish on the weekly/monthly, so a buy in the 1800s is a very good opportunity, which would mean forming a Wyckoff Phase C LPS for a potential rally to 2000 by December or next year.
Failing 1800s or holding 2000 level would mean gold is looking to correct much deeper for the range on the monthly, and potentially an area of 1550 would be a likely target to fill all orders from 1660.
Overall trend for gold is still bullish on the weekly/monthly, so a buy in the 1800s is a very good opportunity, which would mean forming a Wyckoff Phase C LPS for a potential rally to 2000 by December or next year.
Failing 1800s or holding 2000 level would mean gold is looking to correct much deeper for the range on the monthly, and potentially an area of 1550 would be a likely target to fill all orders from 1660.
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.