Gold upside, downside or Triple top!!!
Let take a look from the last post Feb 3rd, gold did get to expected price target 1830-1780 completed at 1805-1810 and then has had this move to the upside to 1937, can it go higher probably and how high.
Short term 1hr/4hr time frame:
From 1805= 1805-1858=1, 1858-1810=2,1810-1937=3? or still subdividing higher and it could exceed 1959, alternate is it could consolidate for a 4th wave to 1900-1890 price zone then 5th wave higher to 2000-2020.
Daily & Weekly time frame:
Once the upside gets to 1959 then caution is warranted as it could stall the upside for a double top or extend to 2000-2020.
At this price point it is very interesting as gold can have a bull run above 2070 a triple top or break down.
Triple top then price could drop down to 1600’s or lower!!!
Down side expect these Support zones:
1st support zone 1800-1780, break below here then 2nd support zone 1750-1720-1680.
Below 1680 then 3rd support zone 1620-1600. there will be price consolidation on the way down.
Break out above 2070:
1st Resistance zone 2130-2195, 2nd Resistance zone 2240-2360
See charts below with optional scenarios where:
OPTION 1
2075-1677=A, 1677-2070=B, 2070-1615=C, 1615-??=D (2000-2020 OR 2070!!!) THEN E TO FOLLOW TO 1600'S OR LOWER
OPTION 2
2075-1677=A,1677-2070=B,2070-1615=C AND NOW IN UPSIDE WHERE 1615-1728=1, 1728-1618=2,1618-1959=3,1959-1805=4,1805-??=5(2000-2020 OR 2070!!) THEN a CORRECTION OF ABOUT 50%-65% ABOUT 1850-1750.
Short term 1hr/4hr time frame:
From 1805= 1805-1858=1, 1858-1810=2,1810-1937=3? or still subdividing higher and it could exceed 1959, alternate is it could consolidate for a 4th wave to 1900-1890 price zone then 5th wave higher to 2000-2020.
Daily & Weekly time frame:
Once the upside gets to 1959 then caution is warranted as it could stall the upside for a double top or extend to 2000-2020.
At this price point it is very interesting as gold can have a bull run above 2070 a triple top or break down.
Triple top then price could drop down to 1600’s or lower!!!
Down side expect these Support zones:
1st support zone 1800-1780, break below here then 2nd support zone 1750-1720-1680.
Below 1680 then 3rd support zone 1620-1600. there will be price consolidation on the way down.
Break out above 2070:
1st Resistance zone 2130-2195, 2nd Resistance zone 2240-2360
See charts below with optional scenarios where:
OPTION 1
2075-1677=A, 1677-2070=B, 2070-1615=C, 1615-??=D (2000-2020 OR 2070!!!) THEN E TO FOLLOW TO 1600'S OR LOWER
OPTION 2
2075-1677=A,1677-2070=B,2070-1615=C AND NOW IN UPSIDE WHERE 1615-1728=1, 1728-1618=2,1618-1959=3,1959-1805=4,1805-??=5(2000-2020 OR 2070!!) THEN a CORRECTION OF ABOUT 50%-65% ABOUT 1850-1750.
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