MGC1! Wave 2 target was hit overnight. As expected, RSI did a reset to its 40 lvl support. MACD created a higher low.
Now our target is at 3360. I do expect some resistance at 3248-3270, but the pattern created during this Wave 2 consolidation looks a lot like a re-accumulation wyckoff pattern. If that is the case, i expect an explosive breakout with the first pullback possibility at that gap between 3328-3296.
The compressed RSI and MACD helps validate this theory. A breakout is coming very soon, but be aware of fakeout breaks.
MGC1! My 3360 target still holds. We are going through a little consolidation phase at this time, but as long as 3171 support is not broken im still bullish.
However, because of the price action from today, I do see a possibility of price dipping towards that 3209 level and possibly touching that lower yellow trendline. That would bring the 1hr RSI towards 40 support and MACD to create a equal low with the low from last week.
That would put my theory in risk, but i do believe that it's purpose is to create a fake breakdown with the indicators.
MGC1! Next target for gold is at 3360. There's a small chance for us to retest the gap we opened last night before we continue up, but our main support will be at that 3197. Overall, we're still bullish on Gold
Price just broke the nearest down trendline and has just completed a retest confirmation.
My next target is aimed at 3360-3400 range. It is still early to say rather or not price will continue towards our 4k target since we are getting a lot of signs that indicate some type of distribution is happening. Lets just keep playing our levels and deal with it as price goes
MGC1! Wave 2 target was hit overnight. As expected, RSI did a reset to its 40 lvl support. MACD created a higher low.
