Gold GOLD PRO WEEKLY, February 26 - 01, 2024

[Sive Morten]

Greetings everybody,

Today it is not many things to say - everything goes as it should. Our "222' Buy has worked perfect yesterday. Now manage your stops and let's keep watching for PCE numbers that could bring a bit mess around. Daily picture looks promising we consider no shorts by far:

On 4H chart our plan is the same, at least to see 2048$ COP target. Now we do not see any problems here:

On 1H chart everything stands well also. 3-Drive is valid, upside action has started accurately from 2025$ area and our "222" Buy... On COMEX futures we also see some bullish grabbers around.

Just be aware of PCE report, move stops to breakeven and let's see...

 

[Sive Morten]

Greetings everybody,

So, on daily chart we still do not have anything special. Context remains bullish, but price action is very slow. Most interesting stuff stands on intraday charts:

The first stage of our trading plan is completed - market has touched 2048-2050$ COP Agreement target and now turns to pullback. Our next stage, probably for next week already is to watch over 2020$ area. If we're right about H&S, this is an area where the right arm could be formed:

On 1H chart 3-Drive is done perfectly. Now bulls have nothing to do. For the bears, there are few options exist, but all of them for today session only. First is to stick with 3-Drive directly, because its theoretical target is bottom between 2nd and 3rd drives, which is around the same 2020-2025 area. Second is - to wait for larger pattern. Say, it might be H&S here, with the right arm in a way of 2nd drive.