Gold support 1801 to 1789
Hi,
Quite interesting to see the 50% retracements so nicely aligned in the 2W gold chart. We topped out in the 3rd wave at the 50% of the first wave. And now we have a nice base of support below us with the 50% retracements of the last high at 1801 and the 50% retracements 2rd wave at 1789 (if you measure to the 2nd wig – at 1795 if we take the 1st wig).
If this support does not hold, I consider the pattern a 2W equilibrium with further downsight and potential 1758 turn around. Let’s see what the dollar strength will do with it.
Quite interesting to see the 50% retracements so nicely aligned in the 2W gold chart. We topped out in the 3rd wave at the 50% of the first wave. And now we have a nice base of support below us with the 50% retracements of the last high at 1801 and the 50% retracements 2rd wave at 1789 (if you measure to the 2nd wig – at 1795 if we take the 1st wig).
If this support does not hold, I consider the pattern a 2W equilibrium with further downsight and potential 1758 turn around. Let’s see what the dollar strength will do with it.
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