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Three complex scenarios for gold

 


So far, gold has not been able to rise above 1920, but gold is still trading at the highest levels of important support 38.2% Fibonacci 1828 - 23.6% Fibonacci 1770, while gold maintains the strongest support at the double bottom 1676

61.8% Fibonacci levels may need some correction that may take gold in a complex corrective wave to 1875 (50% Fibonacci) and we may test some upside from that area before further corrective decline to 1828 (38.2% Fibonacci) to get the absent oversold component So far he is about gold trading, and to get some enough momentum to support his journey to the upside above 1922.

In this case, we will have three scenarios:

The first scenario: entering into complex correction waves that may drop gold to 1770 (a very strong demand area) and the decline may extend to the last double bottom 1676 (the strongest demand areas), where gold can get the momentum it needs to rise again, but we do not forget A further drop below 1828 may create a state of panic among small traders that pushes them to give up gold holdings and exit the markets. The assumed panic may press gold again to re-test gold to the areas of 1770 - 1676, but it will be the best trading opportunity for this year for the quieter buyers.

The second scenario: settling for a simple correction wave, where gold falls to 1875 (50% Fibonacci), then some slight rise before returning to 1828 (38.2% Fibonacci), where the simple corrective wave ends and we start the upward journey to target targets beyond 1922

The third scenario: the stability of trades above 1875 before returning to rise above 1922, in that case we do not expect that the rise above 1922 will be quick, but rather it will be calm, and it will take a long time for gold in that case to rise above 1922 to bounce from it repeatedly before re-targeting further areas

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Three complex scenarios for gold Three complex scenarios for gold Reviewed by DR HISHAM M YOUNES on May 28, 2021 Rating: 5

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