Post 31Jan24 FED Interest Rate Gold into Bullish/Bearish Swing?
Updated
XAUUSD (1/3)a) Daily "GraveStone Doji" candlestick on 31Jan24 showed signs of Bearish reversal (BR) with close of 2039.
b) However, this BR is invalidated because 1Feb24 daily candlestick closed above 2039.
c) This is sign of Bullish momentum.
Scenario-1 (Most Likely): Bullish Swing Fib Extension of (1973 to 2089) is 2117 (1) and 2189 (1.618)
Scenario-2: Retracement levels to 2073 (0.618Fib); 2093 (0.786) and rejection from there creates Double Top on Daily TF to create Bearish Swing.
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🧐Check the left hand side Beautiful FIB extension for Swing (1810-2009-1931) achieved by Gold market on 4th Dec is 2135 🥰👌 (Exact 100% Fib EXT-As if Fib extension requested to Universe). 🦊🔥Then for Present Swing (1973-2089-2001) formed it will be 2117 or higher. BUT FIRST the daily candle MUST close above 2089 for ChoCh 😊
We have to take this Bullish Swing Step by Step after it surprised everyone. Or else Scenario-2 it will created double top and fall to initiate Bearish Swing.
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