With Gold's Historic daily crash, I thought it would be also important to outline the key levels.
The chart one the left is the weekly timeframe and the chart on the right is the monthly timeframe.
Starting with the weekly timeframe. With today's close we confirmed a rejection from the $5k level. This means we failed to hold a weekly and monthly candle above $5k with the exact level of interest being $4,895.
What else is interesting about this level is it is the 0.618 from the micro trend. This micro trend is from the candle body support established at $4k that helped price create a weekly reversal doji to the ATH at $5,600. Therefore, the 0.236 might be an important level to watch for the short term.
Now lets switch to the monthly timeframe. This looks at the Fibonacci trend from the low of $1,046 to the recent ATH of $5,600.
For future reference look for a test of the 0.618 (~$2700) followed by the most important level of $2k which happens to align with the 0.786.
$2k should theoretically be the most important demand zone and if/when price gets there it is very important to see the buyers flip that level of macro old resistance into a new level of macro support.
Price action played with this level many times before Gold's massive breakout so pay attention to this level if/when price reaches it in the future.
The chart one the left is the weekly timeframe and the chart on the right is the monthly timeframe.
Starting with the weekly timeframe. With today's close we confirmed a rejection from the $5k level. This means we failed to hold a weekly and monthly candle above $5k with the exact level of interest being $4,895.
What else is interesting about this level is it is the 0.618 from the micro trend. This micro trend is from the candle body support established at $4k that helped price create a weekly reversal doji to the ATH at $5,600. Therefore, the 0.236 might be an important level to watch for the short term.
Now lets switch to the monthly timeframe. This looks at the Fibonacci trend from the low of $1,046 to the recent ATH of $5,600.
For future reference look for a test of the 0.618 (~$2700) followed by the most important level of $2k which happens to align with the 0.786.
$2k should theoretically be the most important demand zone and if/when price gets there it is very important to see the buyers flip that level of macro old resistance into a new level of macro support.
Price action played with this level many times before Gold's massive breakout so pay attention to this level if/when price reaches it in the future.
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