Finally, gold lost it`s 2-week Symmetrical Triangle support on Friday. This is bearish - at least when we consider the coming hours or next few days. Nonetheless, it defenitely looks like gold has to rise a bit more until the uptrend that began at 2018 Low could or should exhaust.
Here are my thoughts for this upward trend in the gold which should actually work off the 1320$ to 1322$. This zone is now the nearest activated weekly GUNNER24 Uptrend Destination. As we all still know, the 1320$-1322$ is a MAJOR GUNNER24 Horizontal. A future GUNNER24 Resistance on yearly base and because of this also always radiating in the lower charts.
Thus, 1320$-1322$ is very strong resistance and now once again a very interesting upmagnet for gold. Over the next few weeks, the final high of entire 2019 could be printed at this MAJOR 2019 uptarget, before the test of the 2018 low environment could be triggered afterwards. But first of all below follows what I see, expect for the near-term...
Starting with the trading day of the final high of 2018 the gold began to mold a like a Sickle-leaf-looking structure that determines the individual gold trends and some extremely important turns since 10!! long months. Only at the day the final 2018 Low was printed the dark-green Sickle-leaf support failed significantly on day low base. But as I can recognize in the daily chart, the dark-green sickle-leaf support has always held on daily closing base.
Since the day of the final 2018 Low the price of gold always trades orderly within the Sickle-leaf bands and ... usually... should continue to do so until the dark-green Sickle-leaf support has reached its maximum extent to the right. This time event is due in course of trading week February 4-11!!
The now with each trading ever steeper rising dark-green Sickle-leaf support is resposible energy rail for the ever rising uptrend lows. Normally, just before the dark-green Sickle-leaf support runs out according the time, this gold uptrend should reach or print it`s final price high.
==> So it may well be that this uptrend ends at 1320$-1322$ HEAVY Upmagnet Resistance in course of trading week February 4-11!, followed by a new weekly and/or monthly downtrend - that is allowed to test back 2018 lows respective 2018 lows environment in further course of 2019...
The upper = red highlighted Sickle-leaf rail is now nicely confirmed rising arc resistance and was last tested at 1300.40$ that is this year absolute high price. This last test of the red rising Sickle-leaf resistance triggered the recent sideways cycle within gold has formed a 2-week Symmetrical Triangle pattern that finally broke to the downside by Friday close.
Well, for me it is obvious that gold has to test the dark-green Sickle-leaf support arc once again in course of the coming 48 to 72 trading hours, but likely just for very successfully testing back the dark-green Sickle-leaf support together with MAJOR 1272$ GUNNER24 Support Horizontal (again monthly support horizontal). And afterwards triggered by that usually very strong 1272$ support magnet the gold starts a final 50$ rally wave into 1320$-1322$ MAJOR upmagnet resistance that is activated weekly uptarget, the current valid weekly 3 Candle GUNNER24 Up Setup has fired some weeks ago:
Above is the gold in the weekly time frame. Please observe that the initial up impulse of this upcycle started at the # 1 // 2018 Low and lasted 3 week candles. Setup and the axis-scaling should work fine according signaling and targets and likely future important turns cause gold made higher uptrend lows in the weekly exactly triggered by rising 1*1 Bull Angle support and an important swing high precisely held back by upper line of 1st, prior uptrend resistance ==> small red arrow...
As far as I`m concerned I`ve never expected such strong rally out of 2018 Low. And the market still looks strong!!
==> We observe 4 completed weekly closings above PRIOR natural 2nd double arc resistance environment. These closings have activated the future test of lower line of 3rd double arc in trend direction. And well, a lower line of 3rd double arc uptarget work off within current weekly upcycle has a 70%-75% probability according to the method. Lower line of 3rd triggered weekly GUNNER24 Uptarget and the 1320$-1322$ MAJOR uptarget resistance together form most attractive uptarget of running weekly and monthly uptrend!
Watch that the recent 4 week candles most of the time nicely traded far above the upper line of 2nd without testing back that prior resistance area too seriously. This and the fact that the 2-week Symmetrical Triangle formed above this weekly double arc support is usually bullish consolidation behaviour or bullish stuff!! and points to the outcome that gold needs a run into 3rd double arc uptarget and the work off of the 1320$-1322$ until February 4 to 11 or so!
For the next week candle the 2*1 Angle, that usually is now very strong rising weekly support, and the upper line of 2nd double arc support form very interesting weekly support magnet, that is in full harmony to 1272$ monthly GUNNER24 Major Horizontal support and the daily Sickle-leaf support!
Try to buy at 1272.00$ BIG SUPPORT MAGNET in course of the week for the 1320$-1322$ BIG UPMAGNET RESISTANCE work off!
Place the stop-loss for possible gold longs at 1262.00$. Gold trading at such price should have finally broken the 10-month Sickle-leaf support and such support failure usually means upcycle has finally ended at current 2019 High and as a bearish consequence a strong retracement or correction has begun which would have to reach at least 1250$-1240$...!