Gold - Confluence Aiming for 2020 (Idea) - and no pun intended
Excuse my messy chart but it makes sense to me. The current .236 is serving as major support since early Monday morning, (That fib starts at 1670, which is also the start of my golden trend line drawn in the 4 HR chart) just below the 1980 level. Which if you recal my previous Idea, that would be the start of the right shoulder. However, I'm not convinced it is the right shoulder.
The .618 level of the current smaller wave, that starts at the 1980 level is another key level of 1986-87 which was the "left shoulders" key resistance level.
The golden dashed horizontal lines are key support/resistance zones from the previous bull run.
We've been seeing gold make these long bull-flags / wedges before making a drive higher since the pullback. Which it's currently making one.
In the 4 HR MACD, the Signal and MACD lines are crossing above the 0 level. No Divergence.
The 50MA on the HR is now at the 1980 level, just underneath the current price to help that push up.
It's all preparing for the perfect storm that could shoot the price above the 2000 level, possibly up to the 2020 level.
Now, if we drop below 1979 We could see the bears coming in to take over... for a short period of time of course. The only thing that has me hesitant about another bull break is that the multiple bull flags, could also be forming one giant bear flag signaling a drop. (See chart) A little divergence in the 15 M chart (could only signal a short drop) . Also the Throw over trend line (golden dotted line, in the main chart) that seems to be a key resistance (but allowing it to move in the right direction for my call). Thus also going back to my original idea of the "Head and Shoulders" (I cringe when I write that).
Although there are some bearish signs, my sentiment is with the bulls. My limit is set and this is what I'm hoping for when I wake up.
I already have a small position at 1990. But a bigger one awaits just below at 1987.2
XAUUSD
The .618 level of the current smaller wave, that starts at the 1980 level is another key level of 1986-87 which was the "left shoulders" key resistance level.
The golden dashed horizontal lines are key support/resistance zones from the previous bull run.
We've been seeing gold make these long bull-flags / wedges before making a drive higher since the pullback. Which it's currently making one.
In the 4 HR MACD, the Signal and MACD lines are crossing above the 0 level. No Divergence.
The 50MA on the HR is now at the 1980 level, just underneath the current price to help that push up.
It's all preparing for the perfect storm that could shoot the price above the 2000 level, possibly up to the 2020 level.
Now, if we drop below 1979 We could see the bears coming in to take over... for a short period of time of course. The only thing that has me hesitant about another bull break is that the multiple bull flags, could also be forming one giant bear flag signaling a drop. (See chart) A little divergence in the 15 M chart (could only signal a short drop) . Also the Throw over trend line (golden dotted line, in the main chart) that seems to be a key resistance (but allowing it to move in the right direction for my call). Thus also going back to my original idea of the "Head and Shoulders" (I cringe when I write that).
Although there are some bearish signs, my sentiment is with the bulls. My limit is set and this is what I'm hoping for when I wake up.
I already have a small position at 1990. But a bigger one awaits just below at 1987.2
XAUUSD
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
