Complete Bull scenario on GOLD
Bull signals:
1 - Swing low to swing high has retraced to its Fibonacci zone of 0.618 at 9th March 2020, ideal zone for it to find support
2 - We have a double bottom formed on the 0.618 line which is the first double bottom since the August high in 2020
3 - W pattern has almost played out since the double bottom which was my first target entry was at 1690 at double bottom confirmation. The break bac above the W neck at 1763 was key for this pattern to play out and also confirmed the double bottom as we broke back above the 0.5 fib retracement zone from August high.
4 - We have broken out of the general trend line shown as a white dotted line down from the August high, we have since had daily closes above it retesting it and securing our place above, good sign for continuation.
5 - We are above the 50MA which is a nice support for us, looking to break above the 100SMMA now
6 - Longer term Fibonacci extension target once we break the august highg, I do not expect this to happen in July more of an EOY target
my trading ideas are not gospel. trade at your own risk
We are just pawns in this game
Universal patterns are universal
Bull signals:
1 - Swing low to swing high has retraced to its Fibonacci zone of 0.618 at 9th March 2020, ideal zone for it to find support
2 - We have a double bottom formed on the 0.618 line which is the first double bottom since the August high in 2020
3 - W pattern has almost played out since the double bottom which was my first target entry was at 1690 at double bottom confirmation. The break bac above the W neck at 1763 was key for this pattern to play out and also confirmed the double bottom as we broke back above the 0.5 fib retracement zone from August high.
4 - We have broken out of the general trend line shown as a white dotted line down from the August high, we have since had daily closes above it retesting it and securing our place above, good sign for continuation.
5 - We are above the 50MA which is a nice support for us, looking to break above the 100SMMA now
6 - Longer term Fibonacci extension target once we break the august highg, I do not expect this to happen in July more of an EOY target
my trading ideas are not gospel. trade at your own risk
We are just pawns in this game
Universal patterns are universal