AnalytixEdgeByQasim

Recently, GOLD has experienced a significant bullish rally, though the momentum has recently slowed. Indicators such as the completion of an AB=CD pattern, the formation of a double top, bearish divergence, and a break of the neckline suggest a shift in favor of bearish trends. These technical signals indicate that the odds now favor the bears.

GOLD is currently at a critical juncture, marked by multiple confluences. The price is within the Potential Reversal Zone (PRZ) of a bearish bat pattern and is facing a key resistance level, which could potentially lead to the formation of a head and shoulders pattern. Additionally, the presence of bearish divergence signals potential downward pressure. A break below the previous higher low would likely confirm bearish dominance, suggesting a potential decline in price.price touched PRZ of crab pattern.

GOLD is currently in a bearish trend, but it is experiencing a temporary pullback from its recent lower low. A potential Bat pattern is forming, with the Potential Reversal Zone (PRZ) identified at 2376.512. If the price reaches this level, it is likely that bearish momentum will resume.

- Gold does follow a particular pattern for bullish impulse move. - Recently, most of the gold bullish impulse moves followed a particular duration before the market turned around. - 40 to 45 days is the range which gold remains bullish, after that price turns around. - Considering, its recent impulse move, it has completed its 41 days cycle of bullish impulse, hence a turn around is imminent.

Gold doesn't seem to be stopping soon. forming bullish divergence on 4H and a potential cup and handle forming. The breakout of the price above can hit the potential targets which can be used for profit taking.

- There is a characteristic pattern that gold chart follows during its bullish rally. - During first rally from August 1976 till January 1980, the price went up by 773% over 41 months period. - During second rally from August 1999 till September 2011, price went up by 662.03% over 145 months period. - If we compare the first rally with the second, there was a drop in price upward move of 14.36%. - On the contrary, the time duration the price moved above 600% increased by 253.6%. - If we can roughly project this to future, then price of Gold should hit 6982.63 dollars by January 2056. - It is also noted that Bullish cycles start in August or December, which are bullish months with more than 60% probability for Gold.

Gold has retraced from its max value of 2431.590. Currently it is at key trendline level on daily. But we see no signs of bearish trend slowing down. Hence, price may fall further. Bearish continuation pattern has been formed and on break of its pole end, price will continue bearish, which gives us a good opportunity to sell.Trade activeComment: I am still in the trade but trade has gone sideways. Lets see if it can break down further. There some big support of daily 50MA as well.Comment: bullish divergence has formed. let see if price remain sideways or goes up?Trade closed: stop reached

- Gold is currently making HH and HL showing classic up trend. - Last impulse move went from 2265.505 to 2304.990, an up move of about 1.74%. - Since makeing HH, price has retraced to 0.5 fibonacci value making HL of 2282.690, a down move of about 0.97%. - No bearish divergence has been identified. - Price has completely retraced to trend line. - Bullish confluence is observed.

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