As Gold is approaching the tip of its longer term wedge, I'm anticipating a break to the upside.
During FOMC last week, it bounced off its support trendline and it's 62 fib, forming what could be the head of an inverse head and shoulders on the H4 timeframe.
I'm anticipating a break above the neckline and taking small buys. Will be adding more once we confirm a...
Price has come down to test the 6-7k support level, potentially ready to bounce.
Price has made an inverse head and shoulders pattern into this zone.
The right shoulder bounced off the 62 fib retracement from the head.
The head occurred the week of December 15, the anniversary of the creation of bitcoin futures contracts (Price found its high around 20k and low...
Starting with the April 2018 high down to the September 2019 low, price retraced up to the 62 fib during the British elections, also bouncing off its years long resistance trendline .
From the election high down to the December 23rd low, the 62 fib was touched on December 31st.
From that high down to the January 3rd low, price jumped just above the 62 fib...
1.118 highs made in October were only briefly broken. The daily candles don't close above its year and a half long resistance as well as its 200 daily moving average. Price bounces off its 62 fib level. Dollar is looking ready for a comeback, I expect price to reach the 1.08 level over the next few months.
During the British elections, price bounced off its year and a half support trendline and its 78.6 fib level. I expect the dollar to rally up into the new year and test resistance.
