Gold Gold Daily Video, April 11, 2023

[Sive Morten]

Good morning,

So, Gold perfectly hits the target around 1988-1990 area that we've discussed for long entry. It is not a problem if you've missed it - now we have the 2nd chance with reverse H&S pattern on 1H chart. If everything goes well - we should keep going to our 2056$ target:

 

[Davidovic]

Excellent. Thank you

 

[Tradeitanyway]

Hello Sive , I am updating potential gold scenario as ending diagonal , another push higher to 2042 top of diagonal , might not test 2050 zone , still 2042 is 1.414 fib target major and minor
I thought it was triangle .. somehow it was but triangles somehow can be tricky , but sloppy and lazy action on highs means there is a pattern formation , that's the only obvious at current time


now should ending diagonal pattern play out as on chart , it can be reversal short term or trend reversal , meaning we can correct deeper below 1880 level should gold break below 1950 1930
short term we should not break 1963 1950 level and price needs to go back above 1995 2007 in same trading session otherwise will have massive bearish engulfing daily candle as reversal ..
for time being I am sticking to this scenario , will update
take care and happy hunting everyone

 

[Sive Morten]

Hello Sive , I am updating potential gold scenario as ending diagonal , another push higher to 2042 top of diagonal , might not test 2050 zone , still 2042 is 1.414 fib target major and minor
I thought it was triangle .. somehow it was but triangles somehow can be tricky , but sloppy and lazy action on highs means there is a pattern formation , that's the only obvious at current time


now should ending diagonal pattern play out as on chart , it can be reversal short term or trend reversal , meaning we can correct deeper below 1880 level should gold break below 1950 1930
short term we should not break 1963 1950 level and price needs to go back above 1995 2007 in same trading session otherwise will have massive bearish engulfing daily candle as reversal ..
for time being I am sticking to this scenario , will update
take care and happy hunting everyone

Interesting, yes, by my view, it is also should be around 2056 - our next target, but higher levels are difficult now due overbought condition...