GOLD - WHERE THE REVERSAL MAY BE....
GOLD has continued to sell off reaching the 1.272 extensions of the last swing and the bigger previous swing on the daily.
This could be a bear flag and the market can reverse here.
However, we see a larger abcd pattern emerge that sees the price fall to 1830 and below (follow blue lines).
This area happens to be the doubling of the last swing (black lines) and 1.618 ext of previous swing (blue) and also the 618 retrace of the bigger swing from bottom to top (pink).
Anywhere from 1830 - 1818 would be a good time to look for a buying opportunity - especially if we get one last big climactic move lower.
This could be a bear flag and the market can reverse here.
However, we see a larger abcd pattern emerge that sees the price fall to 1830 and below (follow blue lines).
This area happens to be the doubling of the last swing (black lines) and 1.618 ext of previous swing (blue) and also the 618 retrace of the bigger swing from bottom to top (pink).
Anywhere from 1830 - 1818 would be a good time to look for a buying opportunity - especially if we get one last big climactic move lower.
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Here it is on the weekly...
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...and on the Monthly...
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Are we feeling lucky.....
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Success!!