GOLD - BEARISH, DownTrend still in tact. by DanV on TradingView.com
24 May 2013
When I last published this chart some 5 months ago, the price was around 1650 where you see I pointed that with an arrow with comment critical.
Well , that broke and then the minimum 1500 retest was was done with such momentum that it even went through the 2nd target of 1400 which was AB=CD move shown on chart.
Now it seem to be that the 50% retracement of the move up from 2008 low to all time high is on the card which also lines up with other fib confluence.
The price on Trading View chart appears to be some what different from my MT4 platform in the current area but could be in a process of developing a triangle as shown in red. Screencast of my MT4 chart here.
If so then we could see resolution to the downside and 1280-1300 would be possible target zone which is an area of fib confluence as explained above.
Also seasonally, the major bottoms in Gold is around late July and early Sept. So we might get the potential triangle to mark out the time before finally moving to form the bottom around that time frame. If Gold form significant low then as potential wave 4 on larger cycle then Dollar would be expected to move sharply lower during that time.
Here is the chart with the details of my view on Dollar Index for reference.