Gold Analysis - Wyckoff
מעודכן
Hi Traders/Gamblers,
This is by far my most intricate and detailed analysis of Gold following a distribution that took place a few months ago, as shown.
We have hit our target area for gold as shown and stipulated.
Following the DXY's downward it has since settled and seems to be consolidating giving signals of a reversal with a H&S as well as distribution taking place.
This then means that gold is currently experiencing the opposite as it heavily relies on the USD to determine price action - DXY effects gold at around 2 - 6 times the movement (1% movement on DXY makes 2% - 6% on Gold, depending on sentiments and trend).
Gold could be potentially distributing here as it has reached accumulation cause and effect, or Stage 1.
We now wait for the other stages to be completed to fully confirm a downtrend which would see significant downward movement - possible into the 17xx or 16xx.
This however could also be a re-accumulation into a further upward trend, giving us 2xxx, it is important to note that we could still see 1960 as a point of UT or UTAD before going down.
RSI has broken upward trend and is currently bottomed out on Daily chart showing that we could range for a little more, however MACD is topped out and has crossed over signalling a reversing trend in the near future.
Volume is decreasing, creating a base, showing an exhaustion of demand and buyers and the possibility for sellers and supply to take over.
With CPI being released tomorrow at 1:30pm (UCT) this will be a good indication of where the market will stray, we are hoping for a lower low giving us SOW and then retracing back up to give us a last point of supply before heading down.
Once we have received the SOW and the LPS we will then be able to use the point and figure chart to determine a target objective based off of cause and effect.
It has been said that Russia are wanting to dump the dollar and invest in euro and gold which could possibly mean that Russia will sell off their gold positions and look to add more at a cheaper rate of gold - emphasising again the significant downtrend we could see along with a big spike back up once target is reached.
To read up on the Wyckoff method and the phases, stages as well as buying or selling signals read here: school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method.
Good luck.
**This is not financial advice**
Chart is made shareable by clicking this link: uk.tradingview.com/chart/ZcGNhjal/
This is by far my most intricate and detailed analysis of Gold following a distribution that took place a few months ago, as shown.
We have hit our target area for gold as shown and stipulated.
Following the DXY's downward it has since settled and seems to be consolidating giving signals of a reversal with a H&S as well as distribution taking place.
This then means that gold is currently experiencing the opposite as it heavily relies on the USD to determine price action - DXY effects gold at around 2 - 6 times the movement (1% movement on DXY makes 2% - 6% on Gold, depending on sentiments and trend).
Gold could be potentially distributing here as it has reached accumulation cause and effect, or Stage 1.
We now wait for the other stages to be completed to fully confirm a downtrend which would see significant downward movement - possible into the 17xx or 16xx.
This however could also be a re-accumulation into a further upward trend, giving us 2xxx, it is important to note that we could still see 1960 as a point of UT or UTAD before going down.
RSI has broken upward trend and is currently bottomed out on Daily chart showing that we could range for a little more, however MACD is topped out and has crossed over signalling a reversing trend in the near future.
Volume is decreasing, creating a base, showing an exhaustion of demand and buyers and the possibility for sellers and supply to take over.
With CPI being released tomorrow at 1:30pm (UCT) this will be a good indication of where the market will stray, we are hoping for a lower low giving us SOW and then retracing back up to give us a last point of supply before heading down.
Once we have received the SOW and the LPS we will then be able to use the point and figure chart to determine a target objective based off of cause and effect.
It has been said that Russia are wanting to dump the dollar and invest in euro and gold which could possibly mean that Russia will sell off their gold positions and look to add more at a cheaper rate of gold - emphasising again the significant downtrend we could see along with a big spike back up once target is reached.
To read up on the Wyckoff method and the phases, stages as well as buying or selling signals read here: school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method.
Good luck.
**This is not financial advice**
Chart is made shareable by clicking this link: uk.tradingview.com/chart/ZcGNhjal/
הערה
Please feel free to leave your comments, thoughts and sentiments.עסקה פעילה
We have reached a SOW target as expected, next stop would be either a UT at 1920-30 with a max of 1970, or a failed UT which would mean that our target area highlighted below does not change as we will not make a higher.
Trade with caution.
כתב ויתור
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