Having stopped slightly below the strategic resistance level 998 (“Z” trend line), gold eventually formed a “double top” trend-turning figure (denoted as “a-a+” trend) and executed it after getting under the level 967. Now the target of lowering is set to level 951 (“B-B+” trend’s lower bound), but there is a support at level 958 on the way down. However, that support is made up of “K” and “V” trend lines intersection; it is supposed to bring only a short-term influence (if any) because “double top” figure always develops a very strong impulse. In addition, there is a heavy resistance at level 970. So, we’re waiting for gold to be at level 951.
Daily Graph
Having stopped slightly below the strategic resistance level 998 (“Z” trend line), gold eventually formed up a “double top” trend-turning figure at H4 graph (denoted as “a-a+” trend) and executed it after getting under the level 967. Such an event is a very important signal for “B-B+” daily trend’s turn. I’m expecting its lower bound to be broken shortly and, if gold goes under the level 945 (under the “B” trend line), the uptrend will be changed to downtrend and gold will set the target of lowering to support level 903.
Monthly Graph
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