Honestly, at this point I'm not sure about what is going to happen...
I was expecting a huge drop, but Gold is really bullish and even that we are at a strong resistance where sellers take place, there is a big possibility of uptrend continuity.
However, I will stick with my previous analysis unless we brake 2149 price.
Last week was very tricky, gold went back and forth to finally jump to 2040.
I'm still expecting a huge drop so I will stick with my previous analysis.
Considering the graph is descending in zigzag, we possible reach 2050 before the drop.
Remember next week is the las week of the month, right now the monthly candle looks like a Doji so that makes me think the...
We can observe several key points in the daily graph:
* Gold is at 61.80% Fib Retracement.
* Gold rejected for two consecutive days EMA 50 and the resistance in 2031 price.
* Gold closed with a Doji candle.
All these points are, for me, confirmations to start looking for sell positions. Mostly for the Doji candle, which in general means indecision but usually...
The market closed with gold at 61.80% Fibonacci retracement, positioning it at very strong resistance between 2015-2020.
At this point several things can happen, including:
1. Gold respects the resistance in 2020 and continues its decline, which is really what I project to happen.
2. Gold passes the resistance in 2020 and continues its rise to 2033, where it could...
Gold brakes the triangle with a large and solid red candle, showing us a downtrend.
Right now, we are at 50% Fibo retracement of that drop, expecting to continue all the way down.
I'm expecting February and March to be bearish candlesticks as well, which would position us at 1800-1700 price.
