Chart Learner

What a week! Last week was a good week. Gold surpassed the 1851 mark earlier than expected.

Let's see if the momentum continues. If it breaks the blue Zone I mark, it could easily hit 1768.

And if 1768 is broken, we shall be happy to swing it to 1635.

If we look at the Gold Chart in 12 months, there is a slight possibility that the plummet is continuing in the long run if 1635 is broken.

The way I see it, 1515 is possible and if this mark is also tackled, then the final station would be 1310.

This process would take months or even years.

As for now, focus on the price action over the current said zone.

My clue is, if you see the 1804.68 is solidly broken with body, you can happily sell to 1768.

See you.

GOLD FORECAST FOR 28 AUG-1 SEPT 2023

The Gold has already reacted to the weekly swap zone. This is proven by the formation of the bullish engulfing candle in the weekly Chart.

The blue candle closed at 1914.17, higher than the opening of the red candle at 1913.43, which gives us some edge on the next move for Gold.

Though the previous demand was finally broken through, the weekly swap is a zone not to be messed with because this is also a big monthly RBR. The price won't have any easy way to break through it especially when it involves a monthly zone.

THE PRICE WILL BE GOING DOWN FIRST

So the way I see it, if you'd ask me, the price will be going down first, just to collect some orders at around 1901.55 before climbing up.

WHERE WOULD IT HEADED TO?

If the price were to really get its way as forecasted; taking the order at 1901.55 and climbing up, then you will see the price would be aiming at the next flag limit zone at 1954.60 because that is a definite flag limit that can be seen in the D1 of the Gold Chart.