Classic S/R Flip Will Give Gold Support

All info can be found on the chart.

Commentaire:

So, this support zone was invalidated. The bears were way to strong and smashed through this support area. Stop loss got hit.

What we see though is very interesting. There was one support zone below that was more of a bottom anyway. The S/R flip is generally not as strong as an ultimate bottom, which we see here.

Now that the ultimate bottom showed support, and bulls broke through the S/R flip area again, we could see a bullish retest of the support zone. If it doesnt go below, we can do a second attempt at this trade set-up.

Commentaire:

Wow. What's happening in Minnesota is pretty big right now.

As a natural consequence we are seeing the prices of gold rising, something that happens in times of uncertainty.

Here's my new idea around what I expect will happen now:

Please consider giving it a thumbs up!