Its a long shot, but check this out ;)
For those of you who like me, like to see things from a different perspective; this is a total flip from what I posted last night.
Fundamental backdrop:
I don't believe that the gold price has finished its consolidation from the covid19 pandemic because it's still ongoing and very much what everyone is concerned about.
I'm of the impression that each consolidation is related to a specific topic at the time given gold's safe-haven nature.
e.g. Sept2019 - Dec2019 consolidation was driven by US-China trade war news.
I do believe that when price does eventually break out of this consolidation it will be a result of the fear of the watering down of currencies globally in an effort to lessen the blow of this pandemic. Masses will soon realize that the money they are holding onto has less value now than at the start of this pandemic and this will kick start "THE GOLD RUSH" as masses globally rush to preserve value in a currency i.e. gold.
Technical analysis:
1) The current formation is a rising wedge = reversal pattern - BULL TRAP
2) USD $1645 is a strong resistance zone
3) Within the rising wedge, there is a possible 'M' shape - double top formation IF price bounces off 1645 zone.
4) Both the double top and rising wedge = a rise for a fall possibly to USD$1480 -1450
* see also pink Elliot wave and how it fits into this theory
On a bigger scale is creating a double bottom USD$1645 being midpoint, peaks at USD$1450 zone.
Fundamental backdrop:
I don't believe that the gold price has finished its consolidation from the covid19 pandemic because it's still ongoing and very much what everyone is concerned about.
I'm of the impression that each consolidation is related to a specific topic at the time given gold's safe-haven nature.
e.g. Sept2019 - Dec2019 consolidation was driven by US-China trade war news.
I do believe that when price does eventually break out of this consolidation it will be a result of the fear of the watering down of currencies globally in an effort to lessen the blow of this pandemic. Masses will soon realize that the money they are holding onto has less value now than at the start of this pandemic and this will kick start "THE GOLD RUSH" as masses globally rush to preserve value in a currency i.e. gold.
Technical analysis:
1) The current formation is a rising wedge = reversal pattern - BULL TRAP
2) USD $1645 is a strong resistance zone
3) Within the rising wedge, there is a possible 'M' shape - double top formation IF price bounces off 1645 zone.
4) Both the double top and rising wedge = a rise for a fall possibly to USD$1480 -1450
* see also pink Elliot wave and how it fits into this theory
On a bigger scale is creating a double bottom USD$1645 being midpoint, peaks at USD$1450 zone.
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