GOLD\XAUUSD (Y21.P2.E1).Macro structure.Correction Over?Hi Traders,
GOLD hit its target based on what I saw in Dec 2019 and hence the macro correction, ABC wave. Who says TA doesn't work.
Here is the proof.
The question now is, or was, is it going to be a medium to deep pullback.
If one looks at the chart, you can also argue that we are doing the handle component to the macro formation.
Moving foreword, I'm expecting something like a double bounce "W" or sideways ranging price action to give a macro reversal.
This purely based on fib level and structure.
Looking at the weekly indicators, the majority have their signals crossed over, indicating some upward pressure.
However not significant.
I have the KDJ where I noted if the 1st orange signal needs to approach 50% to give it chance to change price trend direction.
We so for have only the intension to change, where this signals cross over.
Similarly with the Phoeix and WT\MACD.
Based on these, Fib level, indicators and price structure, I think we are going to see a turn around in the coming weeks\months.
all the best,
S.SAri
