XAUUSD: Bearish on the medium term. All scenarios presented.XAUUSD broke last week through its 1D Support (1,483.60) that sustained the uptrend for almost 2 months, and touched the top of the 1,453 - 1,460 1D Support Zone where it bounced.
This creates the conditions for a 1D Channel Down (RSI = 41.739, MACD = -1.780, Highs/Lows = -14.3993) where the 1,460 low can be considered as the Lower Low of the pattern. As you see by the measurements of the Channel's phases on the 4H chart, some zones are symmetrical, giving us a good idea of how the price may fluctuate within the formation.
The final target on the 1W chart seems to be the 1,381.50 - 1,400 1W Support Zone, and if the 1D Support breaks, we are expecting an aggressive fill of this level. This is where Gold is expected to make contact with its 1W MA50 and continue its aggressive new Bull Cycle that it entered in June, in a manner similar to the 2000s Bull Cycle.
That idea was explained earlier this month with a comparison of the two eras, which you can see below:
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Commoditiestrading
Gasoline: Repeating a 1980s pattern. Major bullish break ahead.We have discovered a 1980s pattern on Gasoline (RB) that is strikingly simalar the recent candle action on 1W. We are rather puzzled though as to which point of the 1980s sequence we are currently at.
In 1980s the Golden Cross (MA50 over MA200) emerged after a Double Bottom. Currently we are past that Golden Cross and the price is approaching the last low on a sequence bearing many similar characteristics with the old pattern. This leads us to believe that the Golden Cross is irrelevant on this pattern and that the price mostly follows the trend of the 1W MA50 into similar benchmarks of the 1980 pattern.
For that reason it may be viable to start taking long positions with a projected Target Zone of 2.5000 - 2.8000.
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