MountDaba

MountDaba Updated 

Now that we have completed the cycle as posted in my previous idea, we should see some correction following the same fibonacci levels back down. Don't forget, fundamentals could skew this idea back to the upside if the pandemic related issues dominate.

MountDaba Updated 

As anticipated, we are now back to the potential sell zone. We will only sell if the current fundamentals driving the buying of Gold wanes. Else, we monitor price action and manage our risks accordingly. My bias is short for now until price pushes through to the up side.

MountDaba

My previous idea showed the TP zone as well as the beginning of the sell Zone. This idea shows a further breakdown of how i anticipate the movement will be based on fibonacci levels. Again, the rate of selling might lead to a staring fall instead of the lower lows and lower high patterns shown.

MountDaba Updated 

I'm anticipating an all time high into the highlighted zone! This is based on psychological + fundamental reasons. Technicals are subdued at the moment due to all the pandemic out there.

MountDaba

The scenario we currently have is either break or bounce as show in the chart. We have broken out and came to retest the horizontal channel. This coincides with the ascending channel. All we can do is wait and see how it plays out. However, my bias still remains to the upside.