GOLD hanging on life support
On the weekly chart we see that we made a nasty dump and we are hanging on the 1200 usd level, which is quite a strung support.
On the other hand we are hanging right below the 50% fib level after we passed right through the 38.2, after visiting and passing the 61.8 level, which is probably gonna be visited again.
We might have support on a the green ascending trendline, but a bounce on the 78.6 or 1120 usd level is imminent, which happened in Dec. 2 years ago.
A total retracement to the 1050 usd level is possible, but has serious resistance from the bounce in Jan. 2016 and a breakdown from this level would mean a break-up with the Elliott cycle between wave 1 and 4, but that would be a serious thing.
That would be really bearish, but a possibility to continue a descending wave C, where wave B would have been the resistance at the 1350 level.
We could have a significant move upwards, but if not soon or this year, it might turn out as I said previously.
On the other hand we are hanging right below the 50% fib level after we passed right through the 38.2, after visiting and passing the 61.8 level, which is probably gonna be visited again.
We might have support on a the green ascending trendline, but a bounce on the 78.6 or 1120 usd level is imminent, which happened in Dec. 2 years ago.
A total retracement to the 1050 usd level is possible, but has serious resistance from the bounce in Jan. 2016 and a breakdown from this level would mean a break-up with the Elliott cycle between wave 1 and 4, but that would be a serious thing.
That would be really bearish, but a possibility to continue a descending wave C, where wave B would have been the resistance at the 1350 level.
We could have a significant move upwards, but if not soon or this year, it might turn out as I said previously.