The expectations in the charts of “done or not in the long run” on May 16 and “be careful” on April 26 were realized as of September 15 today.
Again on July 31, when it bounced up from 1680, I warned a possible broken one at the level of 1800, saying my retest, that is, my pullback approval. The drop after the pullback technically confirmed the drop and the bounce came below the bottom, proving the accuracy of the technical analysis and pullback.
While our monthly average support point was 1647 in July, now our support is passing through 1670s and we are preparing to trade below and close on the first day.
again, our long-term band-trend support goes through 1764. If you do the same chart monthly and look at it, you will see 6-month red candles and selling pressure.
If the weekly closing is below 1664 in ounces below 1786 on the daily, which is in the selling position for all maturities; Search support 1613 may become a very strong expectation, and 1555 may become a strong expectation at the close of a single day below.
At the close of two days under 1664, the band will be broken and the expectations will get stronger.
If the monthly close is below 1670, it can open the way for prices below the 1555 level under ounce.
As a result, tomorrow will be an important day for ounces of gold, it would be very, very risky to try to buy by saying that we are at the bottom. Trying to buy without seeing a signal for a return is nothing more than a gamble.
Technical analysis is expectation. There is no guarantee that it will ever happen. My posts are for sharing information and are never investment advice.