We have seen a parabolic move up for the price of gold, has the run come to an end? A doji has formed on the weekly TF and as we move to the daily TF, we can witness a bearish channel, and as we look at the 4H TF, the price of gold has crashed from 2049 to 1992. The price then bounced back up to only be rejected at 0.382 on the FIB retracement level. Does that...
My previous post was correct, price has dropped below the 1955, if the 4h candle closes below the 1955 range, then it shall act as a resistance, price will retest that level and if rejected, we can see gold heading back all the way down to 1930.
There has been a Head and Shoulders pattern formed on the hourly TF. Is the uptrend coming to an end or is just anther retracement before re testing the 2000 level?
I am not any pro, but this is my analysis on what could happen.
On the daily Time Frame, a double bottom pattern has been formed and that too at an area of Interest. If you look closely after the recent downtrend a doji follwed by a bullish engulfing candlestick has been formed. This could give an indication that the downtrend has come to an end.
