GOLD CFD
Price is testing lower border of K-area (white rectangle). Price is also out of band both on Bollinger and proprietary band study. We also have an early indication of potential bearish divergence on the modified TDI and the TurboOSC. I do not expect price to turn around right here. However, the next logical target to the upside to induce more buying so that the big guys can have some demand to sell into is located right at WPR1 and the white dashed TL.
If price spikes into that level, that is, beyond the yellow line (fib 38.2%) and pulls back without ever staying above WPR1, then we will have a sell signal. Target to the downside is: MPP + WPP + fib 38.2% (yellow line) also formet S/R (red line). Beyond that, is anybody's guess.
Also note that we have 55 daily EMA (aqua line), 55 daily SMA (lime line), 100 daily EMA (blue line), and 200 daily SMA (teal line) as potential resistance levels around WPR1 and white dashed TL, all of which would need to be broken significantly to justify a further bull run. Bottom line, I feel that the move up to now is overextended and we should see a correction lower soon.
If price spikes into that level, that is, beyond the yellow line (fib 38.2%) and pulls back without ever staying above WPR1, then we will have a sell signal. Target to the downside is: MPP + WPP + fib 38.2% (yellow line) also formet S/R (red line). Beyond that, is anybody's guess.
Also note that we have 55 daily EMA (aqua line), 55 daily SMA (lime line), 100 daily EMA (blue line), and 200 daily SMA (teal line) as potential resistance levels around WPR1 and white dashed TL, all of which would need to be broken significantly to justify a further bull run. Bottom line, I feel that the move up to now is overextended and we should see a correction lower soon.
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