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 FINDING 1851

The srtuctural formation of the current trend is leading the Gold price downward.

Therefore I am so adamant that the Gold is looking for 1851 in weeks to come. Let's just wait and see.

All you have to do now is, slip in the opportunity to Sell whenever possible.

Chiao!

GOLD MONDAY MULTI TIME FRAME

A nice Dabel Maru formed in H4 today, 4 September 2023.

Since the structure on H4 has all been perfectly broken, where we could see the previous demand zone is taken over, the Dabel Maru area is the place we should anticipate.

Going down further to H1, we can see a formation of Bearish Engulfing exactly at the Drop Base Drop area--hiding a setup in Lower Time Frame.

It is proven when we could see the formation of SNRC2 setup at the same Bearish Engulfing position, thus confirming the Dabel Maru to be the worthy area to trade for.

Given the fact that the price is now heading up, I believe it would definitely collect some order from this area before dropping down to pursue its bearish journey.

Let's see how this analysis goes.

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.

THE DABEL MARU TRADE

If you have been trying to fathom which area the price is looking for, try to find the root cause of the price reaction. The price will react to certain areas and one of them is the double marubozu candle.

When you find this Double Marubozu (famously called Dabel Maru), try to look at how the price is reacting to it especially when it occurs in a higher time frame like H4 and above.

This backtest would yield some kind of awareness of how the price reaction works and how you can anticipate this Dabel Maru area when it appears in front of your eyes.

I am showcasing the Dabel Maru that showed up in GBPUSD chart, not long ago. Feel free to have a further look at the post-mortem.

See you in the next post.