Gold GOLD PRO WEEKLY, April 24 - 28, 2023

Hello Sive
I am watching gold rally since morning , it is very solid , strong , impulsive
Now should gold breaks 2015.50 then am considering this scenario , of course there is always a scenario for double to formation @ 2030+/- , unfortunately we can't know for sure but there is a solution for that, if silver breaks 26.10 previous monthly swing high , then my current scenario is valid
wave 3 ended in ending diagonal , the last 10 sessions sideways consolidation means there is a pattern, well if gold is bullish , then the only right pattern is triangle bullish breakout of wave 4 , and from EW perspective, 80% of wave 4 is triangle
last month candle was somehow bearish shooting star yes , but there is an observation , that is we have managed to close a historical high for the first time , so this should be taken into consideration


so let's see how it plays
Cheers mate
 

Attachments

  • gold 5 1 2023 triangle breakout.jpg
    gold 5 1 2023 triangle breakout.jpg
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Hello Sive
Yesterday gold's collapse was very strong , silver also formed a daily bearish shooting star with double top formation
right now at the bottom low time frame , there is potential bullish head and shoulders pattern , it might be short term correction then bearish trend continuation.
Anyways, both bullish and bearish setups now are valid. Should gold break 1976 , then its is more bearish confirmation.
there is a triangle formation for sure , it can be either bullish wave 4 as chart above, or it can be ABC , A impulse , then B can be triangle m then C impulse down as attached in the chart.

knowing your analysis, am sure your with the bearish set up considering daily and h4 formation , but in sideways market , I do not really rely on candles because they are very tricky just the way we started gold trend when it was at 1610, it took some time to finally see a solid daily and weekly close to go with bullish setup.

Also metals are looking weak , silver copper platinum and palladium

Anyways , tomorrow will , perhaps till Wednesday with Fed report if hawkish or dovish. Manufacturing PMI was neutral to below average, manufacturing prices peaked which means inflation will be passed to consumers, hence higher CPI in next print.

Good luck , sorry for the confusion :)
 

Attachments

  • gold 2 5 2023.jpg
    gold 2 5 2023.jpg
    129.6 KB · Views: 6
Hello Sive
I am watching gold rally since morning , it is very solid , strong , impulsive
Now should gold breaks 2015.50 then am considering this scenario , of course there is always a scenario for double to formation @ 2030+/- , unfortunately we can't know for sure but there is a solution for that, if silver breaks 26.10 previous monthly swing high , then my current scenario is valid
wave 3 ended in ending diagonal , the last 10 sessions sideways consolidation means there is a pattern, well if gold is bullish , then the only right pattern is triangle bullish breakout of wave 4 , and from EW perspective, 80% of wave 4 is triangle
last month candle was somehow bearish shooting star yes , but there is an observation , that is we have managed to close a historical high for the first time , so this should be taken into consideration


so let's see how it plays
Cheers mate
Hi, I suspect that this is reaction on J. Yellen US default "announcement" as soon as on 1st of June...
 
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