Making 1H & 4H accessible for full breakdown
Based off the data from the intraday timeframes, 4H and 1H, I believe we have a possibility of gold continuing it's push to the widely expected 3500 price point.
On the 1H we have been on a minor downtrend as of late in what appears as a retracement from the high created on the 4H from dates July 09 - 22. From July 22-30 we can clearly see a retracement on the 4H to the 3270 area, which is respecting the 3280 area created July 9. Since that point we have ranged within the daily range with no lower lows being created.
As of August 19, we respected 3311, which is a common level of support/ rejection throughout the daily range. Looking at August 19, we respected that area as well with a healthy rejection once again. Referring back to the 1H, we can see August 17 & August 21 holding price around 3326. As long as we see a failure and a higher high created on the 1H and potentially the 4H we can expect more bullish expansion.
Referring back to the 4H, planting the fib at the highs and lows mentioned for the 4H before, the 100% expansion/target aligns w/ price making a HH & the 3500 being breached. As of right now, pa(y)tience is our best option until PA provides more definitive information before potential swings.
Based off the data from the intraday timeframes, 4H and 1H, I believe we have a possibility of gold continuing it's push to the widely expected 3500 price point.
On the 1H we have been on a minor downtrend as of late in what appears as a retracement from the high created on the 4H from dates July 09 - 22. From July 22-30 we can clearly see a retracement on the 4H to the 3270 area, which is respecting the 3280 area created July 9. Since that point we have ranged within the daily range with no lower lows being created.
As of August 19, we respected 3311, which is a common level of support/ rejection throughout the daily range. Looking at August 19, we respected that area as well with a healthy rejection once again. Referring back to the 1H, we can see August 17 & August 21 holding price around 3326. As long as we see a failure and a higher high created on the 1H and potentially the 4H we can expect more bullish expansion.
Referring back to the 4H, planting the fib at the highs and lows mentioned for the 4H before, the 100% expansion/target aligns w/ price making a HH & the 3500 being breached. As of right now, pa(y)tience is our best option until PA provides more definitive information before potential swings.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.